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If you do much off-roading or want to do much modifying you'll be better served with the Gen 1 ('01-'05). The ride/comfort is likely to be better in the Gen 2 ('07-'10). If I was going Gen 2 I'd opt for the V8 which from reports I hear gets as good as or better MPG than the V6.
This Hennessey Takes the Expedition Tremor's Off-Roading Capability to the Next Level
Slideshow: The VelociRaptor Expedition gains a lift, upgraded suspension, Brembo brakes, and trail-ready equipment while retaining the stock 440-horsepower EcoBoost V6.
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.