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Well it is by factory a non turbo engine that uses a mecanical fuel injection pump with no computer to control the engine. There are not very many mods that you can do to the motor besides an aftermarket turbo which would be the biggest gain other than that the small modes would be injection pump, injectors, head studs for higher boost pressure with a turbo.
They run very well, they are somewhat noisy but I think it sounds good. They start easy providing that the glow plug system works well, good batteries, starter and power cables. No fuel leaks that could suck air into the fuel system and good pickups in the fuel tanks. Injectors are also much cheaper than you would find in a power stroke ($30 for these verses $200 or more with the powerstrokes) and are much, much easier to change. Overall this engine is probably one of the easiest to work on if it needs repairs. Most of the repairs could be done on the side of the road with limited tools. Most the parts are at the top of the engine and easy to replace because nothing is in your way compared to other newer trucks.
Are you familer with any other diesels at all or is diesel new to you?
Are you looking at buying one or is it one that you have purchased recently. If your looking to buy one, say so because these guys can give you good pointer on checking out the engine and components before you buy it. Good luck
i just purchased a 92 f250 7.3 about a month ago. it has 186k on the frame the motor was replaced with a new "drop in" at 102k for unknown reasons. it is noisy when it's cold. when you start it in the morning it sounds like the earth is comming to an end but quiets up in 30 seconds or so. my first experience with any diesel was test driving this truck. i fell in love with it and bought it. it gets good gas milage on the highway, terrible g/m in the city. it has plenty of power and 4:10 gears give it respectible get-up.