I enjoy this truck. It has the 5.4 and still the power isn't overwhelming (but more than enough to haul or tow easily). The looks are great (I prefer this style to the 2004+). I did and do have problems with the build quality, the roof rain rails of the FX4 were unpainted from factory, and the dealership made me less than happy. But interior quality of the Ford is fantastic, it's easy to drive and smooth and comfortable. I've always had fantastic luck with the reliability of Ford's (even if I have to have a little less performance).
Comfortable & stylish interior. Smooth road characteristics (easy to drive). One of the best exterior styled trucks (second only to Dodge in my opinion). Ford reliability.
More power, granted this isn't a "performance" vehicle, but Fords have the least HP of any of the full sized trucks and their gas mileage is on par (except the Dodge which outperforms the Ford but only gets 10 mpg).