Well, from a "luxury / amenities" comparison it is really true. Right down to the rear window shade.
The only really noticeable difference on luxury is this: the seat leather quality was really superior on the XJR. BUT the XJR did not have cooled seats, only heated (the heated steering wheel was also really nice).
The XJR does / did have reclining rear seats--but that doesn't work well unless you have the extended "SUPER 8". Just not enough cabin room to use the recline in basic wheelbase high performance XJR platform.
So yeah, it really is true. The loaded ES 350 compares well to the XJR luxury wise. And keep in mind, I had 70k on the XJR, so I'd really lived with the vehicle. So far I've logged 5k in the ES 350.
Bottom line--what I really gave up in the switch was performance. The XJR had approx 400hp and 400torque. But in truth I burnt a few mustangs, bmws, etc---and didn't use the performance much else. It's not like it is a track car. Just straight line go fast, very fast.
So for me, in the end equation, the "go fast" sedan became more of a useless status badge than a real benefit. I'll probably get a track car down the road for the hi-po stuff.
In the meantime I think the ES 350 is an unprecedented value. I'm still surprised there aren't better reviews for this vehicle.