I've had my 2005 Tacoma since December of 2004. Mine was a very early production model of the new design and, as such, there were a few issues that I'll tell you about, but overall, I love it.
Mine is a six cylinder automatic, four wheel drive, long bed, double cab. I have about 60k miles on it. It didn't see a lot of daily driver use until about a year ago. I mainly used it for towing, plowing and hauling stuff to the dump. I hate DD'ing a truck, but this one isn't bad.
Here are the issues:
People complained that the stock rear suspension was soft and would bottom out easily, which is true. Toyota issued a TSB and offered to replace the rear springs with the one ton units, which everybody then said were too harsh. My solution was to add Timbrens to the rear, which was an easy install and cost about $200. They smooth out the ride and increase the load carrying capacity. Well worth it. Twice a year, I load the truck with 2000 pounds (50 forty pound bags) of wood pellets. It's not a fun ride home, but it handles it.
Toyota stopped about an inch short with 10 cents worth of seam sealer on the cowl of some early ones and the cab can leak. It took me a while to figure out what was happening, but it was covered by warranty. It's a big job though, as the grill and fenders need to come off (ask me how I know). Once they're off, it was five minutes with a tube of caulk. Moral of the story: Check for wet floors. If I found a used one with wet floors, I'd use that to get the price down and then fix it myself. The job is not as bad as it sounds, but it will take most of a day and you'll have to replace about $20 worth of plastic clips.
For the first few years, the tailgates lacked sufficient bracing. There were lots of stories of guys buckling their tailgates by riding a motorcycle up a ramp and having it collapse in the center. Toyota would replace it under warranty if it happened. I've never had an issue and I'm sure that mine is one of the weaker ones. It has since been redesigned.
Aside from that, the only problem that I've had was that the A/C refrigerant leaked down and I'm sure that's the result of the truck sitting unused for months at a time.
My truck tows great. Just understand that it will be revving higher than a V8, but it handles it without an issue. I also plow with it and it hasn't had any trouble handling it.
I use mine like a truck, and it keeps on taking it. I'd buy another, but I probably won't have to for another 250,000 miles.