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They might have changed on the new ones, but the Ford service manual for my 05 specifically shows that vacuum is applied to the hubs at a "high" level to engage the hubs. Vacuum is held for somewhere around 30-seconds and then vacuum is removed .
When 4WD is disabled it engages a "low" vacuum level and holds it for 30-seconds, then removes vacuum. I've hooked up a vacuum gauge and watched it work.
The 30-seconds is basically holding the pen button "down" giving it enough time for things to engage. Mine engages almost instantly once vacuum is engaged (at least with the front wheels off the ground in my garage).
Nice as you don't have to worry about the hubs disengaging once they are locked in if you loose vacuum for some reason.
I have read several articles which indicate the hubs lock in with an initial full vacuum for 30-40 seconds. They unlatch with a partial vacuum when the esof is disengaged. So the "pen click" theory appears to be correct. I do know that on my '01 I was having vacuum problems for a while and the hubs would engage but when the vacuum dropped due to a problem with the pump the hubs would disengage and often times only hold the splines enough for them to grind against each other. Had them out for other services several times and never notice a ratchet type lock mechanism.