I love me some Chevrolet, but that Colorado is damn uncomfortable to get in and out of to me, and I think they have the response of a drunk brick.
That being said, I know the Toyota is slightly more spartan and the back seat is far less comfortable, but I'd go Toyota just because it's newer and will last longer. Toyota and Jeep may be the only companies out there that can produce a 4WD truck/SUV that doesn't destroy a transmission or transfer case every 75,000 miles.
Slightly off topic, but I think I read somewhere recently that the Ford Ranger is actually the best "baby truck" on the market again as of like 2011.