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He's talking about the Cam Position Sensor, which is a common failure. A lot of guys carry a spare and a socket wrench because failures are so common.
This is copied from the FAQ section of the SD Tech FOlder.
Q: How do I change the Cam Position Sensor in my PSD?
1. Make sure you have the correct part. This depends on the serial number of your engine which should be located on a sticker below the front of the plastic cover for the fuel bowl. Neither Ford or International calls it a "CPS", Ford calls it a CMP sensor and International calls it a CAMP sensor.
Ford Part #'s: Before engine serial #375549 F6T012K073A
Serial #375549 and above F7T012K073A
International Part #'s: Before engine serial #375549 1821720C98
Serial #375549 and above 1825899C93
2. Remove the #9 fuse under the hood (not in the dash).
3. You may want to remove the belt for easier access, but it's not necessary.
4. Disconnect the CMP sensor electrical connector. The sensor is located towards the bottom left on the front of the engine. You'll see the single wire bundle going to the sensor.
5. Remove the old CMP sensor using a 10mm socket. Be careful not to round off the bolt (there is only 1). It's on there real tight and is tough to get to.
6. Take the new CMP sensor and coat the seal with either motor oil or Vaseline and intall it. Install the bolt and reconnect the wire connector.
7. Reinstall the #9 fuse under the hood and you should be ready to go.
KUDOS to user "johnsdiesel" for the CMP sensor write-up!
Ford has a new CPS unit that is only about $25 (the older style unit runs $150-$200). Same part number as the old one, but instead of the "A" at the end, the new part numbers has a "B". If your local stealership doesn't have it in stock or won't sell it to you yet (as some have been reporting), you can order it from one of the site sponsors (dfuser).
As far as "does the new one work?" goes, lots of guys here in FTE have already installed it and are having no trouble at all with it. I'm putting mine in this weekend.
I wish I had read this 3 weeks ago, my Ford Dealer here in Australia just charged me over $550 to replace my camshaft position sensor. How long should it take to replace, and how do I get onto dfuser to get a spare one for $25.
Thanks
Pete
$550 AU? That would be a little over $415 US, which is at least 4 times what you should have paid. It is a 10 minute job, part available at any Ford or International dealer.