FWIW-My experiences with the gen 2 (black m62) over the years. Long post, but maybe good info for some on the fence.
I drive 53 miles each way to work on windy rural roads with lots of accel/decel cycles, and I drive hard. Once at work I drive around a mine site all day on dirt, sand and mud for hours at each day. 110* summers and radiator jammed with mud winters. They all towed a small dirt bike trailer with 1-3 bikes, spare parts and firewood all over the Sierra Nevadas and Rockies until I picked up a sprinter van about a year ago. So these rigs had a rough life!
Got a used 2nd gen off ebay. Didn't check anything on the supercharger, just bolted it on per the instructions.
97 4R, auto 4x4 on 255/85's. Had about 250k miles when I put the blower on. It had no major rebuilds before this- still factory engine, heads, trans etc. Just normal replace the bad alternator kinda stuff, most major work was a timing belt at ~225. Everything seemed healthy at that point though. With blower it ran great, had a slight audible ping in high gear light throttle rolling into a bit more throttle. Think cruising at 55 and giving it slightly more gas to keep speed on a slight incline. Any more gas than that and no ping. It had 4.10's, I put 4.30's in when I found an ARB for cheap. It liked the gears for sure, hit that narrow ping range even less. I added 7th injector setup, didn't adjust tuning at all. Made more power and no ping. Eventually ran a 2.1 pulley and still didn't mess with 7th programming. At about 350k it got smacked on the fwy. Motor and trans were still happy then. I had a A/F gauge on it and it stayed close enough to perfect I didn't bother tuning the 7th stuff.
Took the same blower and put it on a 97 taco, no 7th, back to stock pulley, and no A/F gauge this time. Similar running gear Auto w/4.30's and 255/85's. The Taco ran great, it felt as quick as the 4runner was with 7th and pulley. The taco was a $500 ~300K mile beater with a bad water pump and rod knock when I got it. I put a water pump on it and it ran for two and a half years as I described above to work and back each day. Rod knock the whole time, sounded like it could nuke itself any moment. Had the same light load low rpm ping. Finally took out a head gasket when the water pump pulley sheared off in a remote area and I overheated it trying to limp it back to the Maint shop.
Took the blower off and sold the taco to a buddy to build. I still haven't done a nose cone or any maint on it. Put it on my current 99 4R auto at about 225k, running great still at 265k. Am considering 7th injector and 2.1 pulley again or maybe dump some money into the new blower, pulley and 7th. If I keep the 2nd gen I'll go through the bearings etc too.
The blower gives these 3.4's enough power to counteract all the weight I've added to them. Full skids, roof rack, bumper, tire swing out, ARB fridge and tools ect inside. Current one is right around 6-6,200lbs when I roll across the scales at the mine.
I've put probably 250-300k miles on this blower, most of those on regular CA 87 unleaded gas I pump at the mine (work vehicle so I get free company fleet gas!). I really don't think these push the 3.4 motor "to the edge" or "it's a coin toss once you bolt it on" like some say. The Taco motor was terminal when I bought it, lasted over 2 years and STILL didn't succumb to a boost related failure. With pulley swaps yea you're getting into the danger zone without doing some fuel and timing solutions. As delivered I think a generally healthy 3.4 and auto is plenty stout to handle the slightly lean tune they run without mods.
I dunno with the new version, yea lower boost and bigger rotors. But at similar power level with the same injectors and ECU it should logic out to a similar additional thermal and physical strain on internals? It takes X amount of air, gas and Cyl pressure to make a certain HP level, after all.
Maybe I've just been really lucky, I dunno? If so I hope my luck continues!