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Design. Many internal parts are interchangable, such as the 4.6L and 6.8L use the same pistons and rods, just the 6.8L has 10 instead of 8. 4.6L and 5.4L heads will interchange.
It's a tooling thing.
composed of standardized units or sections for easy construction or flexible arrangement.
Basically the 4.6L 5.4L and 6.8L are all based off the 4.6L block. The 5.4L is a stroked 4.6L, The 6.8L is a 5.4L with 2 more cylinders or a stroked 4.6L with 2 more cylinders. Even the 4V and as far as i know the 3V's all use the same block the older 2V's did. So Fords cost on making blocks and heads is drastically reduced, the 335 series engines were also more or less modularized as well as the FE's it isn't anything new they just finally decided to call it what it is.
Modular: Sounded better than "rehashed the design 3 times."
Nothing really new in the automotive industry. Pontiac did it in the early 60's. They cut one bank of cylinders off of a 389 and made the 194.5 cubic inch 4 cylinder engine for the small cars. Most parts interchanged with the 389 and we're cheaper.
They also used a curved rubber driveshaft, but that's a different story.
When the 4.6L was originally designed there were supposed to be 4 engines. A 4 cyl (Ranger), 6 cyl (Ranger, Explorer, F-Series), 8 cyl (Lincoln, Merc, Ford Cars, F-Series), 10 cyl (F-Series), all based on the same bore-spacing, valve train, pistons, rods, timing chain, gears, oil pump, etc. The only parts that would not have interchanged where the Block, Heads, Crank, Cams, Valve Covers, and Oil Pan.
The idea was that different engines could be built of the same parts and on the same equipment. In practice building different engine configurations on the same machinery was not as easy as in theory.