Huh, for some reason I've been thinking for years that the LC200 had IRS... I obviously haven't been paying close enough attention. It is a nice looking rig IMHO (not a fan of the ground effects/skirting but see that those are optional), but the price always kills me, but that is also true about most new domestic full size SUVs as well and also I'm not in the bracket to own those types of vehicles, so thats neither here nor there. I can see times and places for both types of rigs and it absolutely depends on individual usage IMHO, always has and always will. This will always be disputed. It sure is an interesting conversation and I enjoy seeing comments from folks from around the world.
I can only draw from my personal experience. As they say, your mileage may vary. For three different years (and hopefully more in the future) I was very fortunate to be able to volunteer as crew with the Sonora Rally (Road to Dakar) in Sonora, Mexico. I paid close attention to all of the support vehicles being used in the often brutal terrain of the Altar desert and surrounding areas. What I noticed was a fairly diverse selection of vehicles, including what I myself was using with friends: a stock 2005 Chevy K2500HD CCSB, a 1997 Subaru Legacy Outback (heavily modified) and a (lightly modified) 2002 Toyota 4Runner Sport. Other friends were utilizing older full-size Dodge heavy-duty pickups, a G-Wagen, a newer Range Rover, Ford Raptors new and old as well as various generations of Toyota trucks and SUVs off all sizes. All of these vehicles worked well and all had certain downsides as well as positives from what I saw. The Rally director, who having competed in multiple Dakars, Baja 1000s and many other races as a seasoned rally/off-road racing veteran has what I consider to be a curious rig thats highly capable and goes everywhere. It's a maybe 5-6 year old Dodge 1500 crew-cab short bed with the 5.7 hemi, some nice suspension (can't remember exact specs, but Fox or Icon big coil-overs with maybe 3-4" of lift) on reasonable sized tires (34s I think). That rig has done some things that blow my mind yet (like towing a race side-by-side missing a hub/wheel out of the dunes with the front of the SxS in the bed) is pretty simple on paper. None of these rigs failed outright to my knowledge (all seemingly have small problems from time to time), used reasonably, they all work well.
I guess that begs the question that this thread asks and I believe it's too varied a question to really answer on a global basis and makes sense to look at more regionally since the overlanding rigs I see in WA state, vs different parts of north america differ wildly. I do see plenty of landcruisers, 4runners and Xterras set up as obvious overland rigs up here, but I also see lots of Jeeps, various domestic pickups, vintage rigs and the occasional oddity (a first generation 4x4 Mazda MPV van for example, which was surprisingly capable). Again, I have no answers, only observations and more questions...