I just saw a commerical for the 2008 Highlander on TV last night. It has a look like the newer model of RAV 4's, so it is quite nice looking. You may be able to get a good deal on a leftover 2007 if the 08's are hitting the lots soon.
You will not go wrong with either vehicle. The quality is far superior to the American carmakers, and as many on this thread have stated, they have few if any problems with these vehicles. I currently own a Toyota 118,000 miles, and have owned a Honda in the past that only needed brakes. You may pay more, but they retain their value better then any other vehicles on the market!
If you need a third row seat, I would suggest you take a moment and look at the Hyundai Veracruz. They are sharp vehicles, and the quality is on the rise. Plus you get the 10 year ,100k powertrain warranty. Honda and Toyota can't touch that. If you don't need a third row, the Kia Sorrento is another great vehicle. We just bought one a few months ago, and it is a wonderful SUV. A little thirsty at the pump, but it does have a big V6 engine. A friend of mine took a ride with me in my Kia one night. He wanted to know how I could afford a Lexus SUV. When I told him it was a Kia, he darn near fainted!