I also experienced some problems with my 04 F150 lariat. First year of a new Generation, should have expected issues. Some of the engineering is tested by owners I am afraid. After cam phasers, spark plugs, Both front hubs rebuilt, new rotors, changed oil in the rearend to stop the clutches from jumping, (worked, but whines like a 1929 model T @ 50 MPH!) (probably an issue with the rearend, but been that way for two years so apparently not going to dynamite itself just yet.) Tranny leaking into transfer case?!! (engineering again). Ball joints on front. I paid 17000 for it two years ago. It had 72000 miles and we are at 89000 now. After "investing" another 6000 dollars in various repairs listed it is turning into a pretty good machine. I don't work it very hard, 2500 lb. camper once a month or so in the summer. I was debating my life long Ford ownership, but after owning a number of Fords with little or no problems this is my first one with "issues". So one bad apple is not going to sway me off the brand. If you are going to the "dark side" why choose the ugliest brand on the highway? Even a dodge is not as butt ugly as Toyota!!

 

my early 04(manufactured Oct. of 03) Has been pretty good. I have owned it since Sept of 05, so almost 8 years now. Have no plans to move on from it anytime soon, I could easily see myself owning it another 8 years as long as the body holds up. Anyway, I did have an issue with the transmission at about 45,000 miles. Basically a clip broke and the truck wouldn't shift past 3rd gear. It is a known problem in these trucks I guess. But I only paid 100 bucks because it was Certified pre-owned when I bought it. Otherwise I have done a full brake job, new pads and rotors all around, but that didn cost much because I did it myself. I also put Rancho lifting struts on the front the give me 2 in of lift on the front and rancho shocks on the back. That didn't have to be done, I just wanted the truck leveled. I also had the upper and lower ball joints done just a couple months ago. That also probably didn't have to be done, but I just felt like it was time. The major expense i had with it was the plugs. I got raped by the dealer on a 1000 dollar plug change. Right now I got a noise in the back of the transmission. It has been diagnosed as the thrust washer between the tranny an t-case as going out. It is very pricey to change because the whole transmission must be took apart. I am riding that one out as long as I can, when the noise gets REALLY bad then I'll worry more about it. But all in all it has been pretty good.
I agree with the previous poster though, if I was gonna leave ford I wouldn't get a Toyota, I would get like an 07 Ram or so. They, to me, are very sharp trucks. I also like that their crew cabs have a 6'3" bed. It does take away some cab space though. Anyway, sounds like you have had a lot of trouble, and I guess I can't blame you for being upset, but I would try like an 07 or newer Ford before giving up on them. All the issues are supposed to be fixed after that year.

Edit: I forgot, I also had the problem of the transmission leaking into the t-case. I guess that seal can go bad there in these trucks. That wasn't too bad. About $250 I think.