Been crushing on the Disco IIs and got a chance to see a few up close and personal. More importantly, was able to talk to a few of the owners that filled me in on the particulars. I was strongly considering a 2004 because they had the center locking diff. What these folks said is that the 2004s may not be that good because they came at the end of the run for the model and they got sloppy in their production. Other things were overheating issues due to the thermostat being put at the bottom of the engine to meet California emission standards. (One guy showed me his fix for that with an aftermarket part that moved the thermostat back to the top.) Other things were cylinder heads and sleeves and rust on the underbody along the footrails. All good info.
My main take away after seeing everything from the Disco 1s to the new Defenders is the same basic underlying theme carries across models. You can see how they incrementally change over time. For instance, the Disco I and II are nearly identical. The same could be said for the LR3 and 4. When I looked at the body and interior of the Disco IIs, it felt familiar, like a predecessor to my LR4. Even if the Disco II didn't resemble my LR4, they do many of the same things. For instance, a Dodge Durango is a lot different, but it plays in the same sandbox (4-door, mid-sized, 4-wheel drive, V8, fold down flat third row seat, capable of towing, etc.). I have to question if owning a Disco II would simply duplicate of most of the features I already have in my LR4.
The main difference is I would feel comfortable hammering an old, heavily modified, Disco II off-road in ways I never would with my nice stock LR4.