I love the Tacoma for everyday travel & use and tow with it 6 or 7 times a year. Is it the ideal tow vehicle for a large travel trailer? No, but it does a good job and I would hate to move up to a full size pickup to drive around the 345 days a year that I'm not towing.
I have a 2006 Tacoma Double Cab 4x4 Short Bed, automatic V6 with Tow Package and with two adults I tow a Keystone Passport 2650BH 26ft travel trailer. The trailer weighs 4960lbs unloaded and between 5600 & 5800 lbs loaded. I use an Equal-I-zer Brand 4 point weight distribution hitch with built in sway control and a Prodigy P2 brake controller. While this is quite a load for the Tacoma at no time does it feel unsafe, sway or bounce. I tow in 4th gear and at 60 mph I'm turning 2500 rpm. At inclines I drop into 3rd gear and turn 3500 rpm. My fuel mileage takes a big hit and I get between 10.5 and 12 mpg depending on inclines and road conditions. Not the ideal tow vehicle for a trailer this size, but it does an OK job. Just take your time and don't be in a hurry! The Tacoma is a beast!
By the way, the Passport Trailer has a spread-axel design where the front axel is 10" further forward than most other trailers to better distribute weight and control sway. There are times when I would like a bit more power, but than again I have passed full size pickups on inclines towing trailers much smaller than mine.
When I retire in a couple years I just might move up to a full size because I will be towing the trailer much more often.
I did notice that Toyota lowered the towing capacity on the new Tacomas from 6500 to 6400 lbs; only 100 lbs, but makes me wonder why.