Yep, it's a smart PCM. If you were making more power, it would likelyt shift sooner as the engine could pull that grade better. The thing will hang there for a short while until it "detects" that you're not under a load anymore.
I have a few mods and "ALWAYS" tow with OD on. It's smart, it knows when to shift where. My load is over 7000#.
Every now and then when towing in the extreme heat, AC on, on a grad or entering a freeway mine will stick around in 3rd for a while. I'll sometimes just let off a little and it'l shift bacu into OD. From there, I don't use cruise and work the up and down grades. Works well and I'll get 11-12 MPG doing that!! I'm really surprised how low the RPM's will get (1200 or so at a low) and still pull a hill holding a decent speed. On the hwy I'll hold 55-60 on a hill at 1600-1800 RPM or so. Tell me where the Ford makes grunt

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2004 EDDIE BAUER EXCURSION, White, 4x4, 6.0 PSD
Eddie Bauer Premier, Trailer Tow Group, Cargo Group, DVD w/wireless, 3:73 LS, TC Skid Plate
Magnaflow Exhaust, Isspro gauges, V Code's, 285/75/16 Bridgestone Dueler Revo's