I currently own a 2003 Avalanche. Prior to my purchase of this truck, I was very anti-SUV. I only purchased the truck out of necessity for the management and maintenance of my apartment business. I picked the Avalanche because it was by far the most versatile truck on the market.
Since then, I've grown to love the truck so much I can't imagine not having one. I do have my gripes, but lets talk about the new one.
The Good
The interior upgrade is phenomenal, but anyone with eyes and working fingers can tell that. I never gave much thought to the interior of my '03 because I've always considered it a "work" truck...even though it's a loaded Z71. The switchgear in this truck feels solid and rugged without feeling hard. The dash layout is mostly good, though the Nav/Radio could stand to be a bit higher. Climate control is ice cold... a minor complaint I've had with the '03 is that it sometimes struggles to heat/cool the cabin. Seats are firmer... which most of you might consider a good thing... but the seats in the Avalanche were perfect and really didn't need to be improved. In taking long trips, Chas and I would generally prefer the Avalanche over the CTS for comfort... it was only the gas mileage that gave us pause. Active Fuel management works seamlessly. When you set the DIC to readout instant economy, you get an indicator for V8 or V4 mode. Moderate uphill grades put the truck back into V8 mode. I have the feeling here in Pittsburgh, I wouldn't get too much use out of V4. I have an E85 station near my house.... this Avalanche would be a regular visitor there. The truck is still very nimble and doesn't feel as large as it really is in tight maneuvers. The 5.3 in this new truck sounded much more hushed and smooth than my own.
The Bad
The ride has stiffened considerably compared to my Z71. Think '02 STS v. '04 CTS. Again it's a comfort thing. I don't need a stiff suspension in this vehicle. That's what the CTS is for.
The damn 4-speed auto!!! The one thing I was hoping would be overcome by the slightly more powerful engine. The transmission still has that annoying hesitate/hunt around 45-50mph. Feels damn fast off the line, then you get into bog down land, then above 55 it's all happy sailing again. I've never been much of an anti-4speed kinda guy, but in this application the deficiency really shows.
Overall
The original Avalanche didn't need much in terms of hardware. The interior wasn't class leading, but also not bad. The versatility has yet to be matched. This new Avalanche keeps all the great things about the previous truck and improved on many areas, but that transmission is a glaring omission. That said, I've been wanting to trade up to a new Avalanche, but it's not something I'll move to till my one major complaint about my existing truck has been resolved.