I just ordered a Saris hitch rack to replace my aging Rhode Gear spare tire model for my 95 Wrangler. I still have to buy a hitch receiver however, as the class 2 my GF picked up for me as a present won't fit properly (we knew it may not when we bought it, but the price was right and it was returnable. I might just buy a bumper with a receiver from Quadratec.
I like the simplicity of the spare tire mount, but the bolt on variety is getting increasingly rare and they don't work with all frames - particularly FS frames with unconventional front triangles. In addition, they all support the bike by the top tube, which allows them to sway a bit and rub against each other. Why somebody doesn't make a spare tire mount that retains the bike like a roof mount tray or many of the hitch mounts is beyond me.
Back to its bike hauler qualities - its absolutely great for back country campsites, but the ride home from endurance races can be a bit taxing. Also the standard size really doesn't have much cargo room, but if you go with the Unlimited (which would be my choice if buying again) that problem should be solved.