My experience:
2003 4Runner SR5 V8, always had the coolant smell even after doing water pump/timing belt and making OCD sure that the water pump was sealed... Still had the coolant smell and pink crusties around the drain tube for the overflow tank. Smelled this from 60k to 120k and then sold it, probably still smells.
2005 4Runner SR5 V8 #1, same as above, belt and pump at 110k, now at 160k, not sure if it still smells - Let me check and post back.
2005 4Runner SR5 V8 #2(In STRATOSPHERIC MICA!): Dealer did timing belt/water pump about a month ago at 100k miles, I bought it the other day, and noticed it does have the coolant smell and pink crusties.
I am wondering if this has something to do with underhood temps and slow seepage from the overflow tank due to overflow tank design. The overflow tank sits on the radiator and runs "hot as balls". Maybe the source of the smell is simply evaporation/weepage from the overflow tank onto the radiator. It seems like it would have to be leaking somewhere else to smell what I'm smelling up front... Let me use my highly tuned sniffer and see if I can figure out anything else. If I'm not too lazy this weekend maybe I'll put some die in it.
Oh, and it makes me really sad to look at my 2003 in my profile picture, why did I sell that sexy thing :'(