Pros: Simple, reliable, utilitarian, rugged.
Cons: Plastic and vinyl fall apart with age and sun.
Well, I have just sold my 86 Toyota pickup on eBay, and frankly I miss it. The best part about my old Toyota was its simplicity - no power steering, no AC, one belt, and a timing chain. One of my good friends across the country who has the same truck describes it as a go-cart with a truck bed. While more than that, this truck is simple enough for a shade-tree mechanic to take care of, and probably is the most famed third-world utility vehicle out there. I averaged a steady 22 miles per gallon, and the truck was geared low so that I never had any trouble hauling a load of detritus up any steep hill in my town. The power from the 2.4L 4-cylinder engine was adequate, and the 5 speed transmission shifted smoothly through all the gears. I credit this to both maintenance and design; they don't make pickups like this any more.
The only issues I had were issues with simpler things, like plastic and vinyl parts. They seem to crack and fade over the years. The seats also seem to split at the seams.
All in all a great quality truck that lasts with very simple maintenance. Function over form, this is the truck. 2WD is adequate for lands without snow and ice.