Tacoma, I was shocked at how dusty and filthy everything in the rear got because all I had was a tonneau cover. I could also fit less camping gear in the bed than in the back of my GX (let alone the LX).
Sure, the bed is nice with the cover off if I wanted to haul dirt bikes and furniture, but the rear cargo carrying capbility of a mid-size truck isn't all that great. Even if you put a cap on it, it's easier to move gear around in a GX with the seats folded.
As for the off road performance, the wheelbase prevents you from going anywhere really that technical (the rear locker in my TRD-Pro is primarily there for internet bragging rights than actually helping me on the trail), but a shorter wheelbase rig can easily get you in tight spots where all the off-road goodies are actually necessary.
I like my Tacoma, don't get me wrong. It's a great multi-purpose tool, but there is actually a good case for owning both a Tacoma and a Land Cruiser over say owning a 4Runner and GX550.