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I know that there are at least two or three other threads in this forum on mileage. I would say that ebauer1's number is a really good one for the 5.0L. I usually see 17 on the highway.
Buy this truck because you like it.. not because of the gas mileage. Mine sucks it down, but I drove around 70+ on the highway 42 miles a day one way to work.
My g/f has a 98 AWD 5.0 & it gets between 15-22 mpg depending on how it is driven. It has 95,000 miles on it and she's hasn't had any MAJOR problems w/ it.