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Drove an '07 with the 292-horse V8 and 6-speed tranny last week; very nice! Our '04 has only 26,000 miles on it and is running great, so I couldn't talk the missus into trading.
I don't remember seeing any posts here yet about problems with the 292/6 combo.
I have had my 07' for 1 month today. So far it's great! That new 4.6 V8 and 6 speed auto are smooth as silk. Mine is a limited with all the options except the navagation system. Way better on gas and easier to park than my 04' F150 Lariat.