I think the best vehicle to compare this project to would be the FJ Cruiser. While the FJ Cruiser is a decent offroad vehicle it falls short of it's main competitor, the Jeep JK, when it comes to offroad prowess.

Despite it's lack of off road prowess the FJ Cruiser is a huge success because nostalgia and build quality. Toyota did something right because the FJ Cruiser has the highest resale value of any car on the market.

http://www.bankrate.com/finance/auto/top-cars-in-class-high-resale-value-7.aspx

For Mitsubishi to be successful they need to build a modern SUV that taps into it's racing heritage. I think it is critical that the name links the vehicle to this heritage as well. For instance, calling it the Mitsubishi Dakar would be a great idea.

From there, large wheel openings, no plastic molding, retro paint job, powerful modern engine like the 3.8 MIVEC, a 6 speed manual, Lockers, etc.

The one thing I am torn on is the front axle. Traditionally Mitsubishi has typically used independent front suspension but I think a solid axle is necessary to lure buyers away from Jeep and Toyota. If it had a diesel and a solid front axle it would be a run-a-way success and would move 100K units per year.