I've got a Ranger with a 2.3 EB with nearly 50k miles. Overall I like the engine, it's more than enough to move the truck along briskly. The engine/transmission package is quite tunable, and in stock form it can burn regular gas, although I usually burn midgrade. Some owners claim performance will step up with higher octane, although I haven't noticed it.
On the downside, in January I took the truck in for an engine code and the service guy informed me I needed a new turbo. From what I've read on a Ranger forum, the problem isn't the turbo itself but the wastegate actuator or the control unit. Under warranty, Ford just replaced the whole turbo.