This is my first 4x4, but I would definitely consider buying another one in the future, and most possibly it would be another Cherokee (with a bigger engine perhaps).
There is one thing I wish I had done differently when I bought my vehicle though. My vehicle has the Command-Trac system, and hence the wheels turn at the same speed when the 4 WD option is engaged. This can be a little bit annoying, especially when cornering; I have had the vehicle stalled a couple of times because of this.
Just a couple of small points, which should be considered by the manufacturers when building the future models: The glove compartment is really too small. The second thing is that the seats are a little bit too short, not so much as to compromise the overall comfort of the ride, but if you are tall you will want to have slightly longer seats.
But other than these, it is a lovely vehicle. Two months ago I attended a one-day off-road driving training here in France, organised by the Jeep Academy, and believe me, the vehicle performed fantastically. Try doing some serious off-road driving in your Cherokee and you will never want to get out of your vehicle again (after one year of having owned the vehicle, I still have fights with my girlfriend about who is going to drive it to work-home!).