I'm a Toyota guy but I will say for the record that IMO Toyotas are overvalued on the used market (of course, as a Toyota owner, I'm cool with that.

) And I think the Ranger is one of the best bargains out there for someone on a budget.
I can't speak to the 4wd version by direct experience but I will testify to the solidity of the Ranger platform as well as the reliability of the 3.0 motor.
I bought a '99 Ranger brand new (only the 2nd new vehicle I've ever owned in my life) and drove it for nearly 4 years. In that time I put 93,000 miles on it and that included 2 years in Laramie, WY where temps can range from 100+ in the summer to -30 in the Winter.
Here's a nice photo of my Ranger enjoying that great Laramie weather (1 November, 2000):
Mine was a 2wd and I put an Auburn LSD in the rear. It also had a Raven fiberglass shell and a carpet kit. It was by far the best and most comfortable "road trip" vehicle I've ever owned (it was much better on the highway than my current Tacoma.)
Mine was an X-cab, XLT (needed the AC!) with the split bench seat and a 5 speed manual trans.
The bed on the Ranger is taller and slightly longer than the one on the 1st generation Tacoma. I have sometimes felt like the bed in my Taco is just a little too small to be an effective camper.
Overall, as a mild off roader/exploration vehicle (as opposed to a rock-crawler) I think the Ranger is a great platform.
I have heard the 4.0 motor gives abysmal MPG. My 3.0 was pretty thrifty - even with the camper shell and the carpet kit I could regularly get 21 - 23 MPG on the highway and 18-19 in town.
I briefly considered a 4x4 Ranger when I was truck shopping two years ago but nixed it because of the electric T-case. It's too bad there's not a manual conversion kit for the Ranger like there is for other 4x4s. I did know a couple of people in Laramie who had 4x4 Rangers and had occasional difficulty getting the T-case to work in extreme cold. To me, that's a deal breaker but for others, maybe not (of course, the Tacoma and Frontier have gone over to the Dark Side in terms of electric T-cases, so if you're buying new you really don't have a choice.)
There's not a lot of performance stuff for Rangers but if you are looking for things like a used camper shell, in my experience the Tacoma and the Ranger are the two most popular small trucks so finding things like that is easier than if you had a Nissan or a Chevy.
Overall, I'd have to rate my experience with the Ranger as very positive. It was a solid, well built little truck that was exactly what I needed, exactly when I needed it. I deliberately chose a vehicle that was as simple as possible (2wd, manual doors, manual windows, manual transmission) so that there was as little to go wrong as possible.
If I lived in a place that was sunny and warm all year and did not need 4wd to get around, I wouldn't hesitate to get another Ranger. They're good little trucks, probably the last true "compact" truck made.
Now, if we could get this bad boy in America, I'd sell my Taco and have one in a heartbeat:
The Ranger Double Cab from Ford Argentina:
Instead, we get the ugly "Sport Trak" with its plastic bed.
