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Underpowered is a relative term; it implies insufficient power. It depends what most people consider sufficient.
If towing a 3000lbs is why you bought the truck, it's perfect. if you wanna pull hills at 20mph and you don't care, it's perfect. If you want it to be at the same power levels as EVERY other half ton truck out there, aka over 400lbs of torque, it's underpowered.
There's no question that another 50lbs of torque would be felt relatively easy when towing, when running empty around town, etc.
Ford simply is underpowered compared to the other trucks. You can sugar coat it all you want that we have low end torque or that gearing is on our side if by chance you actually find a truck w/ 3.73s, or whatever other excuse you want to put out there, but at the end of the day, all the half tons make 35-50 lbs of torque more than the F150. Plain and simple, it is below the market average.
This is back when people used trucks to do actual work rather than for bragging rights and stoplight drag races. A NASCAR truck racing series would have been as far-fetched an idea as having to pay a dollar or two for a bottle of water
As far as the 6 speed transmission goes, I have an 07 Expedition and when I took it in for Ford to do some warranty work (not transmission related) I had them peform a TSB on it and it is perfect now. No "unsureness" on shifts or any other noticable problems. With the 3.73 gears and 3V 5.4 the truck runs EXCELLENT. I also have an 03 F150 FX4 with the 5.4 and as far as useable power (I USE my trucks very frequently to tow with) goes there is no comparison between the two. This Expedition is very capable, enough that I am going next week to pick up a 22' enclosed trailer to haul my race car in, with all that shat I carry on a race weekend, the trailer will probably come in at about 7800 to 8000 lbs, I am sure the 6 speed and 3V 5.4 will do great. If you want more power go get a Toyota that is supposed to be so bad azz- yet I never see anyone actually using them other than to ride around in.
The reason I had them perform the TSB is becasue it would downshift into 1st at low speeds when it shouldn't and created some jerking action (some jokes could be made about that one).
Also, this Expedition will smoke my dads 08 FX4 F-150 - its a 5.4 also.