Lots of ground clearance (~13") but not much articulation with the fully independent suspension. It will go over just about anything but you spend a lot of time on 3 and sometimes 2 wheels. Without any kind of rock sliders I stay out of the big boulders since the fuel tank, battery box, and tool box tend to take most of the damage. I have some custom built guards which will offer some protection but I don't have them installed yet.
Check out this video for an example of the potential capability (not that I'd want to try it) -
http://www.youtube.com/watch?v=JOKIeaqtPzY
I suspect the truck took a pretty good hit on the battery or tool box ($$$ to replace) from the sound of scraping metal as it crests the lip along with the rocking to the left.
From the folks with much more experience driving Pinzgauers than myself I hear that except for extreme rock crawling (see above) and mudding (not enough HP to clear the tires) they compare favorably with modified Jeeps.
Bruce