Our current vehicles are a 2024 Power Wagon (actually a Tradesman with the PW package), a 2019 4-Runner Off-Road, and a 1997 Tacoma. I traded in a 2017 Tacoma for the PW.
In seven years of ownership, my 2017 Tacoma never went into the shop for a "problem". I changed the oil more often than the dealer recommends, and did all the other regular service, but I never had any failures. The engine lacked low-end torque, and the front rotors warp really easily, but it was super reliable. In five years of ownership the 4-Runner has never been in the shop for any type of failure. The 1997 Tacoma has had "some work done" - as they say in Hollywood.
In nine weeks of ownership of the PW I've had it to the dealer repeatedly and I'm going back again this week. First it was a flashing "Axle Unlock" light (which should be a steady orange to indicate that both axles are unlocked), then the "Service 4-Wheel Drive" message came on. The dealer replaced the transfer case module, and everything was good for a while.
But a couple of weeks later, I started getting a flashing light saying "Sway Bar Disconnect Unavailable", and then a light saying "4WD Shift in Progress" (even though I had been driving in 4-High for a few miles). Then another light saying "Service Electronic Stability Control". Then the "4WD" Light (which comes on to indicate that you are in 4WD) went out, and I lost access to 4-wheel drive (on an icy back-road covered in fresh snow). The dealer had it a couple of times, but couldn't replicate the problem. It is possible that I resolved this set of problems when I seated all the fuses - which came from the factory not fully seated.
Just in the last few days, the "Axle Unlock" light has been flashing, and I go back to the dealer in a couple of days.
Do I regret buying the PW? No - definitely not. My assumption is that I will work through these electrical gremlins. If I'm still having electrical issues in a year, or if I lose 4-wheel drive in the backcountry, I'll be singing a different tune.
The obvious: the PW is much bigger than a 4-Runner. This is obvious, but it is the biggest potential downside. Of course it is also an upside - it just depends on what you are doing.
The PW is a great truck if you need/want a big 4-wheel drive truck, with a solid front axle, lockers, and a disconnecting front swaybar. You probably already know this, but while the PW is a 2500 in size it is not a "regular" 2500 with regard to payload capacity or towing capacity. But everything about the truck - except the springs and shocks - is regular 2500 - so it is built like a tank compared to a 4-Runner or Tacoma. The engine is awesome, and the ZF 8-speed is really good. The ZF in the 2500 is a heavy duty transmission, and it is not quite as smooth as the less-beefy versions of the ZF 8-speed (like in the 3.6 Wrangler, 3.6 Gladiator, or in the Ineos Grenadier). But the 5-speed in the 4-Runner is truly ancient. If the 4-Runner had a ZF 8-speed they probably could have sold that 4.0 V6 for another 20 years. The PW is great on the highway: plenty of power, quiet, and the steering is super-precise for a solid front axle vehicle. I don't have any play in the steering wheel. We like having both the PW and something the size of a 4-Runner. If the Grenadier still looks good in a few years, we may trade in the 4-Runner for one of those. But if you are looking at going from a 4-Runner to a PW, you have got to be okay with the change in size.