I've had two gen 2.5s and currently have an LX470.
Things I like about the Montero over the LC/LX:
- Super Select t-case with 2WD and manual operation (100 series is full-time only w/ push button CDL)
- Ability to put manual hubs on it
- Rear mounted spare w/ swing out door
- Thin but useful factory metal skid plates (100 series has a plastic "splash guard")
- Easier to find models equipped with factory rear air lockers
- Giant sunroof
- Lower curb weight
- Better looking (my opinion)
- Price (my '98 Winter Package cost me $900)
Things I like about the LX over the Montero:
- More interior room (I can fit three car seats in the second row, the main reason for my switch)
- 2UZ-FE engine. The V8 power is very noticeable and the engine is much easier to work on (6G74 timing belt, anyone?). Also much more common so more mechanics know it.
- Reasonable service intervals (eg: Montero timing belt MUST be done every 60k. LC timing belt is suggested every 90k and can go to 120k)
- Way better interior layout and material quality (LX-specific)
- Active Height Control (LX-specific). Not everyone likes it but I think it's a great and robust system, if kept in working order. Yields a much better ride than the Montero.
- ATRAC traction control system is great (not available on factory rear locked versions)(Gen 3 Montero traction control is phenomenal, though)
- Higher GVWR
- Huge aftermarket support in the US compared to Montero (the second reason for switching). Unless it's to remain relatively stock, the Montero is for someone with the time and skills to create their own solutions (or enough money to import all the goodies from Oz)
Overall, I'd say both platforms are comparable as far as capability. For me, the LX won out for on-road comfort, interior room, aftermarket support and overall refinement. If I'm being honest, I think if I had an LC the comparison would be much closer and I'd miss the Montero more than I do.