I drive a 1998 2wd F-150 4.2L V8 and the other day coming home from work, the rear end of the truck "shuddered"(lost power/chugged) for a few seconds around a turn and at that point the Check Engine light flashed for a few times and then went on steady. I pulled the truck over and checked all fluid levels which were fine. Even after I shut the truck off and restarted, the check engine light remained on. The truck has 37,000 miles on it. Are there any sensors on this model that are prone to premature failure or could this be a deeper problem than just a sensor? Thanks.

 

The truck is still under warrenty, I would take it back to the dealer and have them diagnose/repair it for free. I don't know of any sensor unique to a short life.
When you do take it in, make sure to do this.
Write down what happened at the time of the light coming on.
Speed, slowing down, accelerating, shifting, braking, just went through water, cold or warm day, just got gas (or got it several days ago), put in spark plugs or whatever has been done recently.
This helps to diagnose/repair the problem. I do this when we send out a vehicle for warrenty repair. We also have the Ford NGS (New Generation Star) tester, so I can include codes and related info.
This helps in diagnostics. You should make sure a copy of the written info stay in the truck for the diagnostic tech.
Mike C.