You better stay out of the 4th gen forum with that opinion, they'll burn you at the stake. You're totally right, though.
4th gens have center differentials, so it's OK to be in 4 Hi whenever you want. They also have a locker for it, so you can get the benefits of traditional style 4x4 when you want it. Only the Limited 5th gen still has the center differential, unfortunately. Having a center differential is great for snowy roads.
Hardly. The 1GRFE will bang off the rev limiter in 4lo all day long without causing engine damage.
I don't want to be the one to find out if that's true, I have had it in the red a few times and didn't even notice a limiter kicking in. It was not for long and I was not really looking for it also. Do we have a speed governor also, I have only gotten to 100 once.
Top speed in 4L is around 30-35 mph or so (I can't remember exactly), but I didn't take it to the rev limiter, so you might be able to go a little faster. It won't hurt anything to test it out. I've hit the rev limiter in 4 Hi with the transmission in first (Around 30-something mph), and my engine didn't blow up.
There is most likely a speed governor since most cars have them, but I've never read what it's set at. It's pretty dangerous to go that fast in a stock SUV, anyway, (tires not rated for it, high rollover risk, etc) so I don't recommend trying to find the limit. I will say that the speedometer on 4th gens tops out at 110, and they will go a bit faster than that.