My 1998 F-150 4.6 XLT 3-door shortbed keeps going and going and going. I have over 200K miles on it and I'm sure it will keep going another 100K miles before I may need to have something done. My 17 year old daughter is driving it to and from school and she loves "her" truck. She said all the boys are jealous of her because they think "her" truck is so good looking. I was run off the road in Houston in 2005 and hit a barrier on the left front fender. When the insurance appraiser was writing up the repair order he listed it as 2003 model. When I corrected him he was dumbfounded. He said he had never seen a vehicle of that age and mileage that was so pristine. It gave me warm fuzzies inside.
I can't say enough about the reliability, the "coolness" factor of a truck and the utility it provides. The day I gave my daughter "her" truck to drive was the day I needed it to haul some stuff to the dump. I really miss it and I'm looking at buying another pre-2004 F-150 just to have around.
I know everyone one else said the gas mileage could be improved, but hey its a truck! The only thing that really needed to be improved was the size of the front rotors. The were off a Taurus sedan and the bulk of the braking was on the front pads. Bigger disks with EBT would have beeen great.