TMR,
I recently went through the same debate before I purchased my Tundra... I thought for 20 bucks more a month and almost the same gas mileage, why not?
Well, I live in a crowded city and my tundra won't fit in my garage with a canopy on it... I needed the canopy for my dogs
So now, I need to get the Tacoma Double Cab, which is what I originally shopped for

The Tundra has a much smoother and quieter ride than the Tac, but on long rides, I think the Tacoma's much more comfortable; arm rests, seat angle, feel much better to me.
I thought I would miss the power in the V8, but I don't tow small houses, etc... So the Tac is adequate for my uses. I also had the opportunity to drive a 2001 Tac DC TRD 4X4 with the 2nd generation SC, TRD single pipe exhaust, and filter in it!
WHEW! That combo moves! The SC is great! It is definitely faster than the V8, not as smooth, but worth the investment.
Don't get me wrong, I think the Tundra is great and would keep it if it would fit my needs, but unfortunately it doesn't
Also, my gas mileage after 2800 miles averages 12-14 mpg. Mostly highway driving, speed approx. 65mph...
Hope this helps! Goodluck and make sure you get what YOU want!
KY