While the end result may well be the same, getting to it may be a little different for your circumstances bap. The electrical dial system works through a differential and is a full time system as Philsy and wcmc mention. You can drive on dry pavement with a full time system with no worries of binding.
The lever however is purely mechanical, and also purely a traditional 4WD system which shouldn't be driven on pavement, save for rain or snow which you rarely get in Phoenix. It's not a huge difference, however you do have to engage the 4WD at least 10 miles a month to keep it lubricated.
That's nothing for people who live in rural areas, or close to open trails. However for those who live in large metropolitan areas like yourself, getting to a trail isn't necessarily a simple thing like driving turning onto a dirt road a couple blocks away. I've spent a fair amount of time in Phoenix. It's amazing how far some of the interior areas are from open trails.
Just like in LA where's it not only paved over, the rare off road trail is often not available even if you find it. That's especially true in the summer, when they gate everything off due to fire season.
Perhaps you regularly go to Northern Arizona where you can go off road so this is not an issue. Or this is an occasional thing only for the winter snow, in which case you've got a lot of months to find a place to do your lubrication. If it the latter, you might be a great candidate for a full time system.
Your open mindedness to consider a 4th Generation T4R is good, since I don't believe any of them came with anything but the electrical dial 4X4 option. Good luck whatever you decide, and I think you're really going to enjoy owning a T4R. I've got both a 4th Gen with the dial and a 5th Gen without, and they're both great.