The 4.7 is a good motor if taken care of, common issues are usually breaking exhaust manifold studs, and leaking valve cover gaskets, both of which I fixed last January. I had an 04 Dakota 4x4 Quad Cab with the same engine, bought it when it had 45k and I put another 110k miles on it before trading it for a new car several months ago. The entire time I've driven it, it's used only AMSOIL Signature Series 0w30 in 10k mile intervals, and never used or burned any oil until the valve cover gaskets had to be replaced. It even had the snotty goo build up in the filler cap when I didn't drive it enough, some people with the same engine would see that, and think their engine is full of sludge.
I did take the opportunity to take a few pics of the top end. At that moment the oil had 11k miles on it. I changed it immediately after the work was done to it.
Currently now, I drive a new 2013 Mustang with the 3.7 v6. After going through two free oil changes, it's now has Pennzoil Ultra and a Purolator PureOne filter, I plan to do a used oil analysis around 7k miles.