In CA I bought a 2003 V8 in 2013 with 165,000 miles. No oil drips, no weird noises, perfect. In the past 60,000 miles I replaced the timing belt at 200,000 miles and a leaky radiator. As I actually use low range on occasion, the automatic actuator on the transfer case started to leak (after probably never having been used by the soccer-mom), but no other issues. Took off the X-REAS shocks and replaced with regular.
The v8 is as powerful and smooth as anything ever put in a truck. 5 speed auto is rock solid. I tow a trailer over a 6000' pass w/ steep grade and it pulls like it isn't even there - 12 mpg. Around town it gets 15 - 16mpg, at best 17-18 on the highway.
For my money, best vehicle of its kind. Just take the time to find the right one. I would go v8 any day even with the timing belt.