Mitsubishi Pajero/Shogun's have their place but personally I would avoid them. I will make an obvious for me comparison to the Isuzu Bighorn/Trooper (Vauxhall Monterey).
The Isuzu option is going to be cheaper and no matter what they say The Bighorn, Trooper, and Monterey are all the same animal. The only thing that will be different is the Lotus Edition Bighorns have a different suspension set up giving a firmer and more confident ride on tarmac, but doesn't hinder off road articulation in any great way. This means that parts are easily available, often quite cheap and a doddle to fix yourself with a good selection of tools and confidence. A lot of it under the skin is the same or at the very least similar to a Frontera (rather the Frontera is the same as the Isuzu). You can pick up very tidy ones for £1000-£1500 with all the toys and well looked after. They are big old busses and suit towing quite well with engines with plenty of Torque. I would avoid the Mk.IV 3.0 unless your really brave and know someone with a Tech 2 and experience in changing injectors (the Mk.IV 3.0 diesel is the very weak link in the Isuzu arsenal unfortunatly and gave Isuzu a very bad reputation, but thats a different story) If I had a choice I would go for a post 1995 (Mk.III) Lotus Bighorn with either a 3.1 diesel manual gearbox, or 3.2 petrol V6 on LPG. Tough rugged vehicles that will serve you well.
Good points:
1) Big
2) Torquey
3) Simple engineering, meaning simple repairs if needed
4) Cheap easily available parts
5) Still hold their value if kept in good condition
Bad points:
1) 3.0 (4JX1) diesel is a dog. If it runs, it runs really well. Great engine with buckets of power and economic as well. Play lottery every time you go to start it. Takes up to 10 seconds (for no reason) to fire up. Injector sleeves leak diesel into the oil on earlier engines (though Isuzu run a free recall on them for first off replacement on any age vehicles) Oil Rail Pressure Sensor throws a wobbly and needs resetting. Throttle Position Sensors again mess around and need replacement.
2) Front and rear crossmembers and body mounts are a rot spot on Uk Troopers. Import Bighorns tend to fair a lot better.
3) A few garages refuse to work on any Isuzu due to the 3.0 reputation regardless of the engine you have. Though decent garages realise the differences.
4) Parts suppliers get "funny" with supplying parts for Bighorns ... even though you tell them its the same as the similar age Trooper.
...
Now for the Pajero/Shogun. I am no expert but from talking to owners they seem to all say the same thing. The head gaskets on one of the diesel (2.8 or 2.

are a weak point. Parts for the Pajero are often difficult to find and sometimes very expensive. Glow plugs on the 2.8 quite often need to be replaced every year as they burn out. This is the common feed back I get for issue. On the plus side they are rugged, good off roaders, drive beautifully, and clean ones will always hold their money.
Personally if I was looking for a replacement vehicle I would go for either a LWB 2.8 Frontera, post 1995 Isuzu 3.1 TD Lotus Bighorn manual gearbox, or post 1995 3.2 V6 petrol Lotus Bighorn manual gearbox on LPG.
Thats my tuppence worth
