I'll back up most of what metroplex has said. The one notable exception to Mercon backwards compatibility is the 4R100 transmission used behind the lightning F150, in Superduty trucks, etc... This is a Mercon only transmission. Mercon V (Fords fluids anyways) caused too high of wear rates in the 4R100.
Personally, I wouldn't feel comfortable using a fluid that is not rated Mercon V in a transmission that calls for it, such as Mobil 1. A fluid that meets both Mercon and Mercon V should be fine though. I personally use Valvoline Durablend ATF that meets both specs and thus is more "universal" for my applications.
I have the AW4 in my 88 Cherokee. You'd think Jeep dealers would know better what fluid goes into their vehicles, but if they're combined with a Chrysler dealer of some sort, they are generally clueless. The AW4 is a Japanese transmission that used Dexron/Mercon from start to finish in the Cherokee. Yet dealers insist it uses ATF+3, unless you show them the manuals....
Personally, I wouldn't feel comfortable using a fluid that is not rated Mercon V in a transmission that calls for it, such as Mobil 1. A fluid that meets both Mercon and Mercon V should be fine though. I personally use Valvoline Durablend ATF that meets both specs and thus is more "universal" for my applications.
I have the AW4 in my 88 Cherokee. You'd think Jeep dealers would know better what fluid goes into their vehicles, but if they're combined with a Chrysler dealer of some sort, they are generally clueless. The AW4 is a Japanese transmission that used Dexron/Mercon from start to finish in the Cherokee. Yet dealers insist it uses ATF+3, unless you show them the manuals....