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Actually they aren't struts, they're a form of coil over shocks, but they are a good thing to replace, and they're pretty easy to install.
They have a couple threads about this, I'll try and get some links.
It's hard for me to describe the difference between the two, but a strut is a brace consisting of a bar or rod used to resist longitudinal compression, and a coil over shock is a shock absorber with a spring to help weight, weight distribution and jounce/rebound performance, more than a regular shock would.
I don't see why you would need to replace the ball joints. On the Previous model F150s, the ball joints were a pain in the as$, and always needed to be replaced, but this model seems to be pretty good.