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I would just like to reiterate what others have said concerning this sensor. I have a 1997 F150 4.6. When replacing this sensor only use the Ford dealer version. I bought the first one at a parts house and got the same codes as before. After doing a little more research as well as using this site several times I came across people saying that the Ford version was updated and would solve the problem. They are correct do not by an aftermarket version of this sensor.
I agree that the FORD OEM is the way to go,but I bought mine from one of our sponsors(www.rockauto.com)(for about half the cost) and have had no issues with it.Its been installed about a month,and worked flawlessly.There was however a package insert that explained that this was the "upgraded version" and adhered to Ford OEM specs.