Can anyone tell me where the PCV valve is on my '03 F150 5.4L? Think I've located it coming out of the valve cover on the passenger side but not sure...

 

Yep, that should be it. Should have about a 3/4 to 1" hose running from it to somewher on the intake. It should slide right out of the valve cover.

 

Use only a MOTORCRAFT valve......

 

Is it true that these seldom go bad?

 

True.

 

You might have the heated PCV. Mine does. There are two coolant hoses running to the PCV in addition to the vacuum lines. If you found it sticking out of the passenger side valve cover with a bunch of rubber hoses, that's it. I just replaced mine.