Naa, they come pre-equipped with all the rattles and squeaks, saves you getting the poos when it happens further down the track......
Seriously, we have a GU Patrol (ute) and a Defender, so I'm possibly qualified to comment.
Build quality of the Land Rover is crap compared to the Japanese vehicles.
Simple basics like fit and finish are non existent on a Defender. If fit, finish, etc. are important to you, look elswhere.
Silly little niggly things fail, like door handle buttons,  screws drop out, etc. 
the boys above have touched on the engines. The 300Tdi goes fine once the turbo is spooled, but is a bit doughy off idle. Fuel economy is excellent. They are simple little engines and easy to service and maintain. The only major maintenance is timing belts every 80,000km and clutches last around 200-220,000km. Plates themselves don't seem to wear if the driver is doing his job, but the fingers on the pressure plate, and the clutch fork itself usually fail at around this mileage.
It is a relatively simple job to 'tickle' up the injector pump fuelling to give the Tdi better oomph than the Patrol TD42T yet still return better fuel economy.
On standard type tyres (235/85/16's) the driveline reliability is fine, although the front diff and g/box aren't as strong as a Patrol, the older model Salisbury diff (pre '03) would have the strongest centre of any 4x4 on the market, barring maybe the H260 in leaf sprung rear Patrols.
Axle flanges can be a problem with fretting in post '94 Defenders, as the axles are two piece (separate axle and drive flange) It's a relatively easy fix to convert the hubs to the older style oil lubricated wheel bearings (semi trailers use this style of lubrication too) and this fixes the problem, along with some Hy-Tough axles and flanges (formerly Maxi Drive) 
33" tyres fit without a lift, I've been running 255/85's for years, and these are  supposedly 33.3" tall new. (front end has been lifted about 40mm or so)
Out of the box, a Defender is probably more capable than any other 4x4 on the market, except a Wrangler Rubicon, and rides and handles off road better than a Patrol, although both vehicles can be easily modded for tougher off road use and then it's up to the driver.
I've had a lot more niggly problems with the Defender than the Patrol, but it was caned by the previous owner (Govt department) but it has never stuck me up. (except when the clutch fork broke, but I still drove it for two weeks without a clutch 

)
The GU has been the very model of reliable and quiet transport, has now clocked 280,000km and is need of a new rear axle seal (and bearings ) whch I think this is about the only thing I've had to do since new other than normal servicing. 
The Defender has been a bit more 'involving' than that, but I still prefer to drive the Defender, and do every day as it's my work truck. I'm on call 24/7, so I need a reliable vehicle and the Defender fits my needs well.
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