I bought my '07 new and it's been great. I trail ride it, jump it, go through bogs, etc.....it's never let me down. I have a plow for it to snow plow my 1/4 mile driveway, and it works excellent.
I can honestly say I've only put it into 4wd a few times. It just rarely even needs it. Driving my neighbors up a steep snowy hill for sledding in 4wd was effortless. (One of the few times it needed 4wd).
I ride with two guys who have KingQuad 700's. There's are definately more powerful, but I have never had a problem keeping up with them. The only advantage they have is top end speed, which I don't care that much about. And there wheels are aluminum and have bent. Mine are steel and are straight as arrows.
I have gotten a flat tire, but that was from riding on railroad tracks and hitting a spike.
Power Steering!! Sweet! I always thought that was a silly thing for quads, but as soon as I got the KQ and plowed with it, i thought...."Hmmmm.....power steering would be nice!". Lol Have fun with it!