The 4th gen one you pictured is a swing down carrier. I gave this configuration a lot of thought, and I really liked the looks and the idea of using the tire as a step to get into the back. Also makes it easier to mount/dismount a 100lb wheel and tire at knee level rather than at chest level. That was my thought, anyway. However, every response I've read from someone who actually owns one (lots of jeeps, some K5s and a few toyotas) was that it was quite a pain in the ass to get in the back and they probably wouldn't do it again.
The "stinger" for aesthetic purposes (i.e. not a tire carrier) is just a waste of steel in my eyes, but I have never been one to worry too much about aesthetics. After a decade of wheeling with a rubber skidplate (aka spare under the truck), the idea of the spare tire needing protection on the back of the truck has no merit IMO.