I've had both a Jeep Cherokee and a Bronco 2. I can honestly say its kind of a toss up between the 2 offroad. I know that the Cherokee's with the 4.0L HO, 4 speed auto, and Selec-Trac 4x4 T-cases were awesome offroad, and in bone stock form will go places you wouldn't think they would go. Throw out the whole unibody construction is bad, its less crap hanging down under the vehicle to get hung up on. The Vacuum line system is completely protected if you get a skid plate so there wouldn't be any worries there, I had my 96 Grand Cherokee offroad in areas where you would look at it and think this thing will get stuck and it kept right on going. Had a 92 Cherokee with the selec-trac 4WD, and it did awesome as well, it had a limited slip rear axle and it would go places that you would look at on an ATV and find another way around.
I haven't ventured too far in my Bronco 2 yet due to the horrible tires that's on it, but I can say this, those horrible tires this past winter got me through the snow/ice just fine with very limited 4WD use. I've taken i up a couple of mild trails without any issues at all. Can't wait to get a descent set of tires on this thing and see what it really can do in winter and on a few trails. I don't offroad much, but its nice to know what your rig is capable of because you never know what you may end up in someday.
The biggest downfall to any vehicle regardless of its capabilities and how it is equipped is the driver. Get a knowledgeable drive behind the wheel of a 2WD truck and they'll take it places most people would be leary even going in a 4WD. Put someone behind the wheel of a 4WD that don't know what they're doing and they'll end up with severe problems. A lot of the "capability" lies in the driver's skill and knowledge of the area, and their vehicle.