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My 01 Ex 4x4 with the v10 has a cruise control that surges when operated. It's not violent and a little hard to notice, but I figure it can't help the gas mileage. The speedo stays dead on, no surging there at all.
I have the same truck as you and I have also experienced this problem. I tried researching it here on the forum but didn't have much luck. I would be very interested if anyone has a solution.
For me it happens about once a year when fully loaded for a camping trip and heading up a grade in 3rd or 2nd gear. I assume it's not a good thing for the drive train and turn off the cruise control. It stops after shutting down the cc.
Just a "me too". It's not noticable from within the truck; except all vehicles around me seem erratic. Whip out the gps though, and you get to watch a constant fluxuation of vehicle velocity. The range seems to stay within +/- 2 mph on flat ground. And, as stated earlier, the speedo stays pegged. If there's a fix I'd like to hear of it.