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There are a few pictures of masked trucks floating around. (Do a small searcharoo.) I thought that it was going to be a complete redesign but from the pictures, it looks like all they did was put in a new dash, and freshen up the front clip and tail lights. Who knows. There's also been a lot of talk of a new 6.4L twin turbo diesel to replace the 6.0L which has a hard time overcoming the bad press it got from it's early beginnings. On the gas side, there was talk about a derivative of the Hurricane motor which would be the 6.2L "Value" series gas V8 to replace the 3-valve 5.4L. There was also rumors that the V10 was going away and is going to be replaced by a re-stroked version of the "Value" series 6.2L which would make it a 7.1L V8. But who knows, I haven't been able to find anything further about the 'Value" V8's. I had some technical questions about my ZF 6-speed, I called a guy at ZF and he told me that they were working on a "new" manual transmission for the 6.4L Diesel but didn't want to talk about it. I had heard that it might be a 7-speed with dual overdrive ratios or an updated S6-650 but I'm not sure. All of this is scuttlebutt of course. I think the 2007's will be just another 2005-2006 type deal but with a new diesel. The 3V 5.4L V8 and 6.8L V10 will probably be around for some time.
Not to slam Ford but if they come out with a new motor and tranny in '07 do you want to be the guy 'test' driving the new parts? Everyone is different, some would answer that yes some would answer no.