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I'm new to the 7.3 PS (2001 F250), so this may be normal... it doesn't seem to cause any problems but I'm curious about what the truck is doing.
If I am using extremely light throttle (coasting basically) and am going above a certain speed (30+ mph or so) sometimes the engine will quiet way down and it sounds like the injectors have stopped and the engine is no longer firing. All the "diesel" noise goes away and I could swear the engine shut down except my power steering and brakes work fine. If I roll back into the throttle or drop below a certain speed she comes back to life without missing a beat.
The PCM basically drops the injection pulsewidth down to the point that the injectors quit firing. This happens when coasting, and only when the torque converter is locked. At that point your engine just becomes a giant air pump.