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I find it very handy. I don't have the camera though, just the sensors. It starts to beep slowly as the rear end gets close to something, then the closer you get the faster it beeps until it goes solid, then a thud and new rear bumper if you don't stop.
With my 1990 F150, I had no problem backing with confidence. With my 2006, without the RSS, the blind area is very substantial- making the RSS a requirment IMHO.
I would add the back-up camera before the sensors. I have both and rely on the camera much more than the sensors.
My concern with the whole rear camera popularity lately is that I'd suggest people are going to use the camera image ONLY when reversing instead of looking at all areas behind and to the sides of the vehicle. It's pretty easy to just stare at the rear-view mirror and switch between the mirror and camera (navigation setup is different).
I have no evidence of this, but I wouldn't be surprised that some will get lazy at checking and miss the sides.
That being said, I have both systems on the F-150 and we have the reverse sensors on our new Escape. Works very well.
The sensors are a great tool, however do not rely on them 100%. They do not pick up objects above a certain distance or below them, and some times cant catch an object to the side of the truck.
I had them on my 07 and backed up too fast at an angle into a parked car that went right under my rear bumper. It was in the "dead zone" where it couldnt be picked up by the sensors until it was too late-off to the side and then under their radius.
I just got my '10 Screw XLT I have both the camera and the rss. If you get the camera you HAVE to get the rss. I have not had one before so I am getting used to how it all works together when backing up. Cool feature, but a must have if you tow a trailer. Unless you like purchasing bumpers or getting in and out of your truck looking to center the ball.
My 2010 KR has the camera and the sensors. Really don't have a preference, both are nice. What I REALLY like is the extended Tow Mirrors. It was an additional $380 and they are the best mirrors of any truck I have driven. There are ZERO blind spots and that lower mirror gives a great view of the rear tires and the edge of the bumper. If you are planning on spending extra money, I would first get the better mirrors because you constantly are using them and once you have them, you will never be satisfied with anything else.
Did Ford change the design of the reverse sensor system on the 09/10's? If not, I wouldn't waste your money with adding them. Do a little searching over in the 04-08 section and you'll find many of us who have systems that no longer work at all or only work intermittently. I personally, wont spend the money on that option again. On my 07, the sensors rarely work.
I have never needed or wanted either the sensors or camera, but the sernsors came on my FX4, and I have to admit, they are pretty cool. I have a cap on my bed now, which really makes it hard to see back there, especially while my wife is driving... just one more thing to help out.