I could've sworn the '07 was rated much higher in US News' ranking just a few months ago. It was in the top 10, at least.
Rather than attack the source, take a look at the reasoning behind the rating. One huge factor is that the '08 review lacks a rating for reliability, which should be a huge 4Runner strength.
Another thing: if you look at the methodology, the editors base it on reviews from other publications. Some of the reviews they cite are from as far back as 2003. If you take a bunch of subjective reviews and crunch them together, what do you get? Not much...
Also, I would agree that if you're looking for a 7-passenger SUV, or one with the maximum interior space, or the most car-like ride, then clearly the 4Runner is not the right SUV for you. I would agree that the Pilot and even the GM triplets would be better suited for that purpose (I would actually prefer a Highlander).
It all depends on what you're looking for. I think it would be a mistake to consider the Pilot a "better" SUV because it placed above the 4Runner in US News' rankings.
Finally, and this is a complaint I have of "expert" reviews in general, many reviews are made without any consideration for real-world variables such as predicted reliability and resale value.
I know there are better looking, cheaper, better equipped, better performing, etc. SUVs out there. I bought a 4Runner because of its superb combination of reliability, resale value, and its actual performance.