When I start my 2005 3-V 5.4 when its has been sittting (cold engine), it seems to smoke. It will smoke on the initial startup alittle, and alot if I rev it. Not a whole lot, but its noticeable. I have straight pipes running out lightning style, but I still have the 2 factory cats... I may be overly parenoid, but it just doesent seem right that a newer engine with only 49xxx miles smokes like this. I think i have read before about a few owners complaining about the same issue... Any insight or explination would be greatly appreciated! So what do you guys think it could be?

 

old school says, any smoke is bad smoke, sorry i can't help
but did want to though that into the mix.

 

Have someone else start it and rev it, you hold your hand a few inches from the tailpipe and then smell and look at your hand. If it's just water vapor that smells sulfurous or like gasoline, it's not an issue. If it's oily, your valve stem seals are shot.

 

x2 on glc's suggestion.

Also if it a distinct blue color, check your oil level. It might be on the high side.