Add another happy Explorer owner to the list. Aside from one failed rear wheel bearing (dealer replaced it before I took delivery), nothing has really failed. I hated the OEM ceramic compound brake pads and changed them out in favor of some Performance Friction Carbon Metallic pads on all 4 corners. Drastic improvement in brake feel and stopping power.
Mine too makes its share of odd noises, but so far has held together just fine. I'm just not a fan of all the timing chain/tensioner noise when it first starts up after doing an oil change...Sounds like the crankshaft is going to fall right out of the bottom of the engine! It's not the first 4.0 SOHC that's made this noise, so I'm not going to worry about it too much. If it fails, used engines are cheap and plentiful.
I almost bought one identical to the one you have...Same year, same color, but no V8. I ended up getting a better deal on one a year newer, so I'd have been a fool not to take it. Black is a PITA to keep clean, but is rewarding when it is. I have a little pic in my avatar (stock photo), but basically it's the same as GregV8's.
I still have to find the invisible bull's eye on my front bumper cover...It's been repaired 3 times since I've owned it! First was a guy at work that ran into it, second was my fault when I punted a Caravan at a freeway off-ramp, and the third was when I got too close to a big frozen snowbank and cracked the filler from the previous repair. *Grumble*.
I'm quite the nut about keeping mine clean too...Right down to taking some Nevr-Dull to the tailpipe and removing all the tarnish and road film so it's as nice and shiny as a brand new one.