I traded in my 01 XLT Scab for my current 04 XLT Scab in January, here are my views between the two after 6 months:
1. The 04 rides smoother and is quieter
2. The 04 does not have the bed hop on the freeway with an
empty load.
3. The 04 interior has better quality materials than the 01.
4. The 04 feels (and is defineatly heavier).
5. The 01 (in my opinion) had better brakes, including no vibration
to the wheel when applying them.
6. The 01 had a better view using the side mirrors as well as the
rear view.
7. The 01 (again imo) had a more comfortable steeering wheel
not only leather wrapped (standard) but alittle narrower, i
the 04 is alittle to "fat" (not to be confused with ph-fat )
(Which is no big deal, just what i have noticed)
8. Since i don't have the hesitation in acceleration like some, no
issues there.
I am very happy with my 04, love the looks inside and out and am very happy with it, will be taking it into the dealer to see about the vibe in the steering wheel tho, when applying the brakes seems to be getting alittle worse.

 

I also went from an '01 to an '04. In my case, from a Lariat 4x4 to a another Lariat 4x4, both Scabs in Black. The '04 is a better truck in almost every way, IMO, than the '01.

I say almost because:

1) The rearward visibility is not good in my '04, especially with the WeatherGuard Toolbox in the bed. I can't see for s#!t.

2) I really liked the look of the 17" Off Road aluminum wheels on my '01. The wheels on the '04's are boring and I think Ford should consider hiring some more creative people to design them. A few more mushrooms on the pizza wouldn't hurt, if you know what I mean. After 7 new F-150's in a row, this is the first time I have giving consideration to aftermarket wheels. Unfortunately, there aren't many available yet in 17" or 18" with the proper offset. Soon hopefully.

3) I know that this may open me up to a sledgehammer beating, but I think my '01 was a better looking truck overall. Just more symetrical, IMO. Although, after 7 months and 13000 miles, I don't find the new truck to look awkward and slab-sided anymore and I do like it more every day.

4) Even though it was slower, the old Lariat felt much quicker around town. I'm one of those with **** poor throttle response and I'm not afraid to say " I hate this drive by wire crap!"

Those complaints aside, the '04 is a much nicer truck. The steering is worlds ahead, the ride is much more controlled and the interior is to die for, even with the cheesy fake wood. The whole powertrain is more refined and the shuttering of the limited slip differential isn't any worse than the other trucks I've had.

Unlike some others, my A/C is adequate. The fan could be a little quiter though. Above #2, it's intrusive.

The windshield wipers are equal on both trucks, which is to say they suck. Ford, how hard could it be? If Chevy can do it........

My highway fuel economy is pretty damn good in the '04. 17 to 18 mpg is not uncommon on longer trips. Around town, 13 is the norm. My '01 got 13 mpg no matter how much highway driving I did.

I've really grown to love those steering wheel control for the climate control and stereo.

There's more, but my fingers are getting tired...........

 

I went from an '02 regular cab XL sport to an '04 regular cab XLT 4x4. I love my '04 much better than the '02.

Pros of '04:
1. Dash and interior overall is much better.
2. Better ride and handling.
3. I feel that the brakes are better.
4. I love the looks of the new flairsides. I liked the earlier flairs as well but I had a styleside.
5. Reverse sensors with trailer tow package. Even though I can't see whats behind me the sensors make parking this truck a breeze
6. The '04 just looks tougher IMO.

Cons of '04:
1. Steering wheel that likes to give hand massages. Going in for 3rd try on a fix.

 

I guess my input is irrelevant since I owned a MITSUBISHI GALANT before I got my 04 STX Heritage.

Easily put:

100% improvement.

 

I have a 98 XLT reg cab 2wd, waiting for my '04 XLT SuperCrew 4x4 with a June 14 build date.

I wish I could compare when it arrives, but the 2 are so different (2 doors to 4, 2wd to 4x4, etc)

Either way, they are different trucks the old vs new style which is okay. Change is good. If Ford make the truck exactly the same, people would slam them for that too.

 

Just picked up my 04 Screw Lariat today so it is too early to comment on how it compares to my 01 same model. Do love the audiophile stereo as well as the steering wheel audio controls. Will post more coments in a day or two.