I've had my Tacoma now for 3 and a half years and I couldn't be happier. It meets my everyday needs and is very reliable. I've towed several heaviy loads in excess of 4000 lds several hundred miles without any problems. Highway ride is comfortable and road noise is at a minimum. Off road I haven't gotten into anything that I couldn't drive myself out of with the rear locker the comes with TRD package. Wheel travel and groung clerance have never been an issue even with the factory suspension. The only downfall I can think of is the bed size, would like it to be bigger. With a standard size toolbox there is not much bed space left.
All the improvements I can think of have been made in the new generation Tacoma.