Now hold on a sec...I'm not maligning Pinzies here, they're great trucks...but for a purpose. They -definately- do not do sidehills or offcamber well, that is part of what causes them to flop in situations where more flexible suspensions are able to keep a vehicle stable.
In stock mil-surplus form, they are meant to be loaded heavy and ride like buckboards until they are (or the suspension is changed).
Lockers make up for some ability to flex, but lockers cannot provide the stability that a flexible suspension and wide track width provide, and are not a replacement for either.
Pinzgauers are great when you can keep the roll angle close to zero...they'll climb literally straight up if they have traction, and if the weight is balanced, they can descend the same...but usually the way I see them (un)loaded, the weight bias to the front makes them less stable descending.
The only times I saw our Pinz in potential trouble were steep descents while unloaded, and any offcamber/sidehill situation--not ruts crossed diagonally, where the vehicle can sometimes remain relatively flat and level, but dropping or ascending ledges or steep hills where one tire must go first. On soft sand, steep (but level side to side) climbs, loose cover and rolling ground less than about a wheel height, it was a winner and that's why I always spotted the Pinz first...I knew between the machine, the driver and a spotter that we'd be certain to have a reliable vehicle above the obstacle to help the rest of the pack. It was only certain situations where we had to be extremely careful--no roll cage, full cargo volume, and usually a long drop to the bottom of a canyon if we made a mistake--no driving back upright if he rolled, but a medevac if he was lucky.
They make great hunting, exploring, camping and expedition rigs...I wanted one real bad until I saw how it performed in difficult & potentially dangerous 4WD situations. Given how inexpensive they are, I still think a Pinz would be a lot of fun, as it's more capable imho as an expedition/overland rig than many other vehicles of similar size, and I wouldn't take it specifically offroading as I'm familiar with its limitations. They're also easy to fix...you could, if you wanted/needed to, rebuild the transmission in the field without too much trouble. They're also very reliable, simple, and hard to break.
You can get Pinzies in really good shape from Cold War Remarketing, down in Colorado Springs...my buddy had two, one was the beater, the other was a beauty. All the exterior wood and canvas was in great shape, the interior was very clean, the engine and drivetrain were in great shape. I think he got it for something between 12 and 14 off the lot, you can get them cheaper "used" and restore them for a project. A Pinz with all the canvas intact and in good shape, with clean wood trim, looks really nice...especially with the two-tone look between the paint and the canvas.
An expedition rig they definately are, a technical 4WD rig they really aren't. They are a lot of fun, tho. You guys are getting me thinking again...we had a lot of fun with the Pinz, it was only the really hairy offroad stuff where it was close to rolling or doing an endo.
-Sean
*edit* I wanted to add that while the listed side slope capability for a Pinz is just a hair under 45 degrees, the combination of side slope and nose down is what causes the most trouble, not side slope alone...second is the "dynamic lean" when the axles won't articulate and the vehicle keels over as the CG moves past the terrain pivot point. That's different than being static at 45 degrees.
Also, CWR has some really cool stuff in stock at the moment...