I bought a '98 Explorer last December. It was just off of lease and looked like it had just rolled off the assembly line. My wife and I are very happy with it in general, but it has one glaring shortcoming and that's the stock headlights.
Mine has the 4.0L standard OHV V-6. It's pretty good in traffic and 0-30MPH, but could use more oomph on the highway.
I've replaced the factory radio with a Jensen AM-FM-CD/MP3 player and that's about the only customization I've done so far. Next are decent speakers and a subwoofer, in addition to a workable headlight upgrade.
So far, this truck has been very reliable, comfortable and effortless to drive (in daylight).
I use it for business, and I keep all my tools in it and often have to haul equipment belonging to clients from one radio tower site to another. The 4WD is indispensible at these sites, many of which are in the mountains and served by a muddy dirt trail that never gets plowed in winter.
I would buy another one if Ford comes up with a much better headlight design.