Dad has had several of these cars over the last 2 decades. The new 4.6L is pretty decent. The first ones (like their 5.0L fathers) could become oil burners once they passed 60,000-80,000 miles. I think the problem was lousy valve stem seals which have since been improved.
At around the 50,000-60,000 point, Dad's PCV system (not the valve, but the hoses) began to leak and the car lost power. I boogered it up with RTV and that tied him over until he could get a new hose system from the dealership for about $25.
I think these motors should last well past 125,000 with typical decent care. The transmissions are much bigger question marks but I wouldn't let this stop me from getting one. So what if you have to rebuild a transmission every 80,000 - 100,000 miles? It's worth it if you like the car and want to keep it ... and it's a lot cheaper than getting a new vehicle.