I had a 2004 V8 4runner and now have a 2011 Tacoma.
Both engines were extremely reliable, except my V8 had one cracked exhaust manifold. But I have to say, the V8 is SO much nicer to drive than the 4.0L.
It has piles more power, an extremely smooth transmission and is very quiet. I regret selling the V8 now, and continually search the classifieds for a nice 06+ limited V8 to trade my Tacoma in for. Sadly no one sells the 06+ models because they are so nice!
I even had similar MPG with my 4runner.
2.5" lift and 32" tires on my 4Runner was 16-17mpg.
2.5" lift and 32" tires on my Tacoma is 17-18mpg.
Unless Toyota puts out the redesigned Tacoma in 2015 with a great engine choice, I have a feeling I will be continuing my search for a 06+ V8 limited.