the serpentine belt drives ur accessories like ur ac compressor, ur water pump, etc...and a supercharger if u have one.
Ur timing belt turns ur cam gears precisely, and also drives the waterpump...if that belt breaks on a interference engine such as the 3mz...say bye bye to the motor...it would be for an expensive rebuild...but on the 1mz, i believe this is a non-interference...
even though, it should be changed when its time...
the timing belt should be changed every 90k i believe? the serpentine should be checked with every oil change for cracks on the underside and changed accordingly...
U can change the serpentine belt urself since its pretty easy and the diagram for it is under the hood, and the timing belt should be changed by a respected/known mechanic, possibly even go to the dealership for once for this job...
here's what it takes to change the timing belt...
http://www.yotarepair.com/1FZ-ME_timingbelt.html