My dads truck has the 5.4 and its a pretty decent motor. Like you said its no speed machine but they weren't made for speed. I am looking at getting a 04 F150 with the 5.4.
The newer style of trucks are actually pretty nice. I Liked them anyways.
2000 2dr. black GTP|Headers|3.1"|xp'ed|ported s/c|HPT & aem wb|3.29's built trans|19° timing|0°KR
Turbo/heads /big cam build starts soon!!!