Well, I drove one last night and didn't like it that much.
While the power increase over my 4runner was noticeable, it wasn't extreme, I guess because of the extra weight (the Sequoia weighs almost 1500lbs more than my 99 4runner!) The fold-and-tumble 2nd row seat took up a huge amount of room when folded and didn't look like it was easy to remove. I didn't measure it but it looked like with the 2nd row folded and the 3rd row removed there wasn't much more length than my 4runner with the seat bottom cushion removed (which can be done very quickly be removing two bolts on each seat cushion.)
I also didn't care for the leather seats or sunroof, and it seems like at least half the Sequoias in my price range are so equipped. I also did a little research over at Tundra Solutions and the number of people who reported tailgate problems was startling (it was almost everybody.)
After I test drove the Sequoia, I went to a different dealership and test drove a 4th gen 4runner with the V6. It felt much more comfortable to me in terms of size and in terms of how it was equipped. I still have to demo a V8 4runner, though, but it looks like the 4runner will probably be the way I go.