Contrary to what 2stroke said, the ford modular engines were incredible. They had good power, good rev range, reliable (except for one small issue with spark plugs)...
I've thought of doing a similar swap. The biggest issue is the size of the thing. Due to the DOHC's, the engine is larger in every dimension then even a big block. It is probably the dimensionally largest engine you could pick to do this. So step one is take a tape measure to your engine bay and to the engine and see if you need to cut more than you're willing to in order to make it work.
The second thing to consider is that it's a computer controlled engine (and probably transmission, but I'm not sure). Computer controlled adds a lot of complexity if you've never dealt with that before. Luckily you have the entire wiring harness and everything to swap over, but think of the complexity of things like, say, getting your dash to work (one option is to swap in the f150's gauges).
Third, think of how you're going to keep 4wd if that's something you want, you will need a new transmission and transfercase and probably driveshafts to do that.
I think it'd be an epic swap, but it may be more complicated than similar swaps, but would be well worth it. Let me know if you decide to do it.
