I own one of them both, as well as a genI. Both vehicles say "Montero" on the side and that is pretty much the extent of their sameness. The gen III is a very smooth car- like truck that has plenty of power even with the 3.5 engine to pull any proper load. Mine is geared nicely for highway cruising and is my wife's favorite vehicle in the world. The gen II that I have is very much a truck in every sense and cruises more comfortably under the maximum speed limit on most interstates. Mine is a LS '95. It seems setup more for ruggedness and has a more capable standard four wheel drive setup.( gearbox type, gearing, just everything )Also the dashboard setup is alot more function for the '95 vs style for the newer vehicle. Our nicknames for these trucks says it all; the 2001 is called "Girly car" by my wife and the '95 is "Gray Bell". A lot of the charm, to me, is missing from the gen III from the two early versions. Just my opinion.