new owner of a '97 4.6 HSE. I got it to use in the winter, take the dog out, and save my Jaguar XF from poor roads. I'd read up on here about P38s, and was pleasantly surprised to find it OK apart from the lower tailgate bottom - electrolytical corrosion. The air suspension seems ok at present, but wiggles itself in the mornings - it doesn't appear to sag overnight. Tyres and exhaust are new, wheels refurbished, and the local 4x4 specialist pronounced it fit with no nasty defects. The heated seats have yet to make an impression, so they may be u/s-on the plus side, there's no leak from the heater o-rings. The steering is a little vague, but there is no play in drop links, drag links, track rod ends or suspension joints. There is service history but a 10-year gap... Surprisingly (or not, considering its weight) the beast doesn't get up and go, but gathers speed quickly with pretty constant revs. I find I have to bury the throttle to kick down and push it along. Having said that, 12 mpg is quite an eye-opener! So far my spending (apart from £100 fill-ups) has been on headlamp wiper blades, upper rear window support struts and a boot liner to keep the muddy dog in.
I'll continue to watch the forums, whilst hoping I don't need to use them!