Mine is an ex-state police car. Served about 100k miles as a patrol car. I am the third owner and got it last fall with 172,000 on the clock. Now has 178k and she will still crank when you lay on the go pedal. Averages about 18 mpg, never left me stranded. Only had to put $170 and 10 minutes of work into it (Idle Air Control valve went, no biggie). Love the scream of the 4.6, factory dual exhaust is awesome. You will get a lot of unwanted attention in a police car though, so keep that in mind (gets old sometimes). They are the only cars that could survive 100k+ of police use then go another 100k easily with basic maintenance. Its no wonder the police have used them for over 20 years.
V8 power that screams at high rpms, heavy-duty parts, unmatched reliability, good confident looks, bare-bones interior with no extras to break and no frills to get in the way, daul-exhaust with resonator delete, 135 mph limiter (capable of 150+ mph) until 2006 model year.
Wouldnt mind seeing some more power. That said, its got PLENTY for just tooling around and daily driving; trust me these things are rockets on the highway, almost a garunteed smile. However for thier intended police use, the 230 horse (250 from 2004+ model years) is a little low. Other than that, nothing really. Ford got it right, thats why they havent changed the body style since 98.