D-Roc:
Soot is almost entirely a product of un-burned fuel.
So the short answer is No.
The long answer is in an 07, there is almost never going to be an over-fuel event in the cycle. The new computers are going to do everything possible to keep emissions down. In the combustion chamber, this will include extra injections of fuel (a pre injection, power stroke, and post injection to burn up anything extra) and variable geometry turbos.
After the chamber, they have particulate filters and catalytic converters.
In a pre 07 truck (07.5 for most manufactors) the fuel is not going to have a huge effect on the soot. The biggest factor is going to be the fueling of the truck. If anything, you might (MIGHT) be lowering the soot level in the oil due to less sulfter. Sulfer is a huge contributor to particulate emissions, so you might not get the big puff of black smoke.. With less particulates, there is less to slide by the rings and get into the oil as soot.
It will probably have a similar tail-pipe effect as running bio diesel.. Less smoke and maybe less power.
I havn't touched the stuff yet, so I can't give first hand experience..
Remember, if you are planning on purchasing a Diesel.. This is the firs phase in of ULSD. It will not be REQUIRED at all service pumps until 2010.. But you are required to run it in any 07.5+ truck..
So.. For someone like me that lives out in the boonies of Idaho.. I doubt we will be seeing it until the very last date of Oct 15 this year.. And even then, I'm sure there will be pleanty of places that won't have it available until 2010.