Before 2011, all Monteros didn't have VGT. They were available either with the 2.5L 4D56 (136 hp) or the 3.2L 4M41 (165 hp) common-rail diesel engine.
The 2.5 GLX Montero you're looking at now has the same engine as the Montero of 2 years ago. Compared to the Fortuner, or more appropriately, the Innova (since it's priced against this), the Montero's engine is definitely stronger. The Toyotas only have 102 hp on tap from their non-VGT D4D engines, found on all diesel Innovas and the 2.5G Fortuner. It should prove adequate for both city trips and out-of-town escapades. Just don't expect it to be a race car, and I'm sure you'll be satisfied with the Montero's performance.
Also, the 1.198M Montero GLX isn't just a GLX-V without the VGT engine. Other features have been removed as well, but it's best that you check out the car in person, and get a feel of whether it's just right for you, or if you'll find it too bare.