After 220,000 miles on my 1998 F150 I finally got my new 2004 F150. Both are equiped similar with 5.4 engines, LS, and Trailer towing packages. Both are XLT's.

The 2004 is much quieter, and feels much solid and heavier. The interior is more comfortable and has many little improvements over the old one. I have to watch my speed because I go faster than I think.

I have not had a heavy load in the new one so I cannot compare there.

I am disappointed in the power of the new truck. The old one would fly. Much lighter and quicker. It also handled much better but was a rougher riding truck. I guess that is the tradeoff for weight and a better ride.

Overall I am very impressed with the new truck and like its more manly and bold appearance. I think Ford has a winner. The power shortage on the engine is the one area that needs improvement although this may get better as the engine gets a few miles on it. I cannot compare gas mileage yet although my old truck would get in the 16 to 17 mpg range.

 

I too traded in my 2001 F150 Supercab XLT 4.2 for a new 04 F150 XLT Supercab.

Improvements: ride is much smoother, the bed in the 01 would "hop" on the freeway when empty, drove me nuts. The 04 does not do this.
Also all parts seem tighter, for example shutting the door, on the 01 the back door would vibrate and rattle, the 04 does not.
I did like the diameter of the steering wheel better in the 01, was abit smaller, more comfortable to get your hands around, but thats small potato's.
I don't see alot of performance difference between the 4.6 i have now and the 4.2, pretty much the same, probably for 2 reasons, 1. i don't haul or tow heavy loads, 2. the 04 is alot heavier.
Im very happy with my new truck, no problems at 1500 miles, and the 4.6 does sound alot better than the 4.2 (had flowmasters installed on both).
Test drove a Dodge 1500 Quad before buying the F-150, it had alot of the characteristics of my old 01, including the "bed" hop problem.

 

I had a 98 and an 01 before. I will take the 04 over both of them in a second. I find the 04 corners and handles much better than the others. Can scream around some corners where I really had to be careful before.
Also, if you don't have many miles on, the engine will loosen up and get more power, to the point where it feels very similar to your previous vehicles.

 

I agree, prior to my 2004 I had an 02' F150 and a Dodge 1500. My 04' handles soooooooooo much better when cornering (no body roll).