Depends on your definition of 'slapping around.' If the idea is to appeal at a price point, then they've nailed it. But if you're suggesting that it's objectively "better" than the current Defender - or on par with the out-going US spec Land Cruiser - I respectfully disagree.
By way of background, I sold a 2011 Land Cruiser to buy my '22 Defender. The "Crusher" as it was known, to this day is the nicest 'thing' I've ever owned... the build quality was through the roof. The glass was 2x the thickness of the Sequoia; the frame was 2.5x the thickness. There was just enough "tech" to be livable, but had a naturally aspirated and dead-reliable V8. It was built to be a legit 25-year vehicle. Even though mine was an original Vermont car (meaning exposed to salt galore), when I got it in 2018, there were a already a dozen 2011 (i.e. 7 model-year-old) Tacomas out behind the dealership awaiting new frames under the Toyota recall, many of which had wooden beds instead of bodies because those had long since rotted away. My 2011 Land Cruiser had a hint of corrosion here and there on some of the wheel arch retainer hardware, but that was it.
Toyota introduced yesterday something they're calling a Land Cruiser and the journalists are all saying that it's the best thing since sliced bread PLUS it's $30,000 cheaper than the outgoing model. Let's face it - Toyota is a business and are not altruistic to bring us what we want for less money. The new one seems more like a really nice 4Runner, but with a similarly paltry towing capacity (capped at 6,000 lbs.) Although I haven't driven, let alone seen one, my prediction is that a 2024 Land Cruiser WILL NOT pass a Vermont state inspection in as little as 10 years - because they're at the same price point of the current model year Tacoma (a TRD Pro is $53,000.00), which has shite-quality steel throughout. It simply cannot be regarded, apples to apples, as a 200-Series Land Cruiser.
Another comparison: two years ago, I sold my kid's 2006 Volvo XC70 - again, a local car throughout its life - for a 2019 Forester. The last time I changed the oil on the Volvo at 200,000 miles, I couldn't believe how clean the entire undercarriage of the Volvo was. At 25,000 miles, the Subaru just got new brakes, rotors, and brake lines because it would not pass inpection because of rust. That's right: a 4-model-year-old vehicle is uninspectable in my state because of the extent of corrosion caused by salt. The core concern is the quality of steel and preparation, which is non-existant on vehicles at this price point. I guess my point is, you get what you pay for and while it's exciting that there's a reasonably priced, true body-on-frame offering, I wish Toyota named it what it is: a Prado.