I have the V6 4WD base model with the 3rd row seat and the towing prep package. This package does not contain a towing hitch even though the Toyota web site says it does, just pre-wiring and some enhanced transmission fluid system.
I have 670 miles on my Rav4 after 2 weeks so I feel like I have experienced it enough to write the review now. I find the vehicle easy to drive and maneuver, easy to park, and comfortable inside. The middle row is comfortable for adults and has plenty of room for 2 teens and all their backpacks or sports gear. The back row is a bit of a problem and is really only useful for occasional short trips with lots of small children. Since 7 passenger seating was one of the features that led me to the Rav4, I am a little disappointed with it. Unfortunately, I had to special order and did not get a look at the 3rd row before making a deposit. It does not feel safe to me. After entry when you slide the middle seat back to the locked position, the 3rd row passengers' legs are pinched in and the person could literally not get out in the event of an emergency. You can rectify this by sliding the middle row forward. But it doesn't return to this position after entering/exiting the back row, you need to move the middle seat forward each time.
In contrast to the 3rd row, the other seats feel very safe. There are front, side and curtain airbags on my vehicle. However, check your options because some of the models do not have side air bags. It also has traction control, electronic four wheel drive, and a 4WD lock. What is not clear is whether the rollover risk inherent with most SUV's diminishes the apparent safety of this car.
The V6 has a huge amount of torque; it feels really good to drive. I have not red-lined it during break-in but I would guess 8-9 seconds for 0-60. The 4 cylinder was probably acceptable for many people, but I wanted to have the 3500 lb towing capacity in case I need it later. It has a 5 speed automatic transmission with exceptionally smooth shifting. It has a downhill assist for steep downward slopes, and a hill-holder brake for starting on an incline. One thing to watch out for - the shifter has this zig-zag pattern which is a bit confusing and probably unnecessary. For a while I was putting it in 4th instead of "D" because I didn't register the gears were actually different. I think this may have affected my fuel economy as I got 23 and 20.5 on the first two tanks of mostly back road driving, but the V6 4WD is rated 20 city - 28 highway. In my old VW I consistently got the highway rating on these roads.
I have one major complaint about this vehicle and this is the suspension. I actually brought it back to the dealer today, but they found nothing wrong. I drove another Rav4 with "sport" suspension and it was the same. You can experience this when test driving: coast at 25 or 35 MPH and feel how much it wobbles and shakes on a flat road. It just feels wrong to me. It actually makes me car sick and dizzy, and I have never been car sick in my life. At this point, I am not sure if I will be able to adjust to this suspension or not. Coming from 10 years of driving VW's, this is a major change.
The audio system is good but a little messy in the bass. I have the in dash 6 disc changer. It plays CD ROM's with Mp3s on them, which means you can probably have access to about 600 or 800 songs in your vehicle without changing discs. Compared to the Sony aftermarket CD changer I had in my old car, the Toyota one has faster disc access and more intuitive controls. It also has an iPod jack in the center compartment between the front seats. I have not used that yet, but it's a nice touch.
With all the seats folded down, the cargo area seems very usable. The floor is a bit bumpy, making sliding a box in a bit tricky. The oversize door on the back will not accommodate cargo sticking out the same way a hatch would. Also, the spare tire on the back is ugly and obstructs the view in the rear view mirror. I think this back door configuration needs to be rethought in future model years. The back bumper came with a clear decal which will pay for itself in reducing any paint damage and scratches during loading.
My final word is that Toyota has not managed to get production up to acceptable levels in 6-7 months since this vehicle came out (I am writing this in May 2006). I had to wait more than 6 weeks for my car, and due to the shortage I had no leverage on price whatsoever and paid MSRP + $500. For the extra $500 I got some extra door trim and a ticket for one free ding removal. The lack of in-stock choices and delays on V6 models make purchasing this vehicle right now a bit consumer unfriendly.