Well, I think you are misunderstanding what he means by rev limiter. Assuming this is an automatic, Ford started rev limiting the engine differently when in park or neutral then when in drive.
There are a lot of reasons they did this, but the biggest reason I can see is to prevent tranny nukings due to tranny drops (revving it up in neutral and dropping it into gear to spin the tires). I had the exact same thing on my 2001 4.0L Ranger w/ AT. They don't put this on the manual transmission vehicles though. And, it can be removed via a chip.