They are surprisingly capable. This one is a 2004, I believe, with 33 inch tires and a 2 inch software lift. Looks and drives great.
Some pics at Hollister Hills in Norerthern California a few weeks ago:
My P38 in the foreground with he L322 in the background:
There is much more aftermarket support for the LR3/4, but if you can fabricate, you can make whatever you want. I was also looking at getting an LR3 for my wife, but I may be swayed toward the L322 as it is such a nice truck for the money.
2001 Range Rover 4.6L SE (SD rack, ladder, Warn xd9000ce, steering guard, axle guard, diff guard, sliders, coils, 33in KM2s... no chrome)
2003 4Runner 4.7L V8 (wife's)
1985 E30S52 (1985 318i w/ 1998 M3 drivetrain, OBDI and 5-lug conversion)
Far better it is to dare mighty things...even though checkered by failure, than to rank with those timid spirits who neither enjoy nor suffer much because they live in the gray twilight that knows not victory nor defeat. - theodore roosevelt