Good point, but a Defender/110 would have covered the terrain just as well, if not better, for £7k less (depending on model), and could have been cleaned inside and out with a hose pipe afterwards.
The Disco's off road ability is impressive, but you're paying extra for trim and on-road refinement. As a pure off-road vehicle, the "Landie" still offers far more ability per pound, and is far more in keeping with the spirit of the original concept. There is also far less to go wrong.
I wrote the original post, and thought that four year's later, I'd provide an update.
Over the last 4 years the 110 has travelled another 40 thousand kilometers, including two crossings of the Simpson Desert in Australia, including the first traverse in 2007 of the Hay River track in April.
Generally the trips have been mechanically uneventful except for the annoying failure of a refurbished centre diff lock switch in the middle of the Simpson desert! I went berserk 18 months ago and completely rebuilt the engine, and in the process, found that there was a major crack in the main bearing cap of my original block, which I replaced. Rebuilding the engine has certainly made it perform better, but nothing will make the fuel consumption drop - as might be predicted. Still I travel relatively few miles each year, so the fuel costs are not a major drama.
The vehicle remains a wonderful long-distance tourer. A newer 4WD is more comfortable, but importantly, I can fix this one, and I don't feel too bad when another scratch or dent is put into my (now) 23-year old vehicle. I think it'll last me another 10 or 15 years, by which stage the inexorable improvements in roads and closure of tracks in Australia, or the price of fuel, will make a 4WD pointless. I may convert the V8 to an Isuzu diesel in the next few years, and perhaps whack an air conditioner in (I live in the North of Australia, which is pretty hot), but apart from that, I'll leave it alone.