we have a v10 in the race hauler (a.k.a. mom 'n' dads RV) and also my uncles have a construction truck that is a v10.
THE GOOD:
-both have been tremendously reliable.
-our camper gets about 8mpg, and thats a 30' box. uncles get about 12mpg towing HEAVY bumper pull.
-plenty of power, 325hp (i think?).
-when the truck is empty it has plenty of pep with light throttle applications, wich is great for mileage.
THE BAD:
-this hasnt happened to either v10s in my family, however there is a not-so-common issue with the oil cooler leaking. check for oil in coolant and coolant in oil.
-it is just like the other modular motors from ford....the plugs can blow. dont be scared, its not a big deal, but if you hear a ticking noise, its probably not an exhaust leak! one of those suckers is about to POP. its recomended to torque the plugs periodically (some say every oil change, i think thats WAY overkill, i check ours once a year.)
-idle air control valves on these engines stick after some time. the engine will start and immediately die unless you hold the throttle open a little. easy fix is to take the IAC off and clean it, then soak it in marvel or kerosene for a bit. did this on my wifes mustang a month ago, so far looking good. if it needs to be replaced its around $140.
-plastic intake manifold/coolant crossover tubes. i forget the years that had this problem, but depending on the year there may be a coolant transfer tube molded in the intake manifold, they tend to crack and leak. there was a tsb i believe, you may be able to find it.
-thermostat housining leaks at the manifold. nothing major, 2 bolts and a ringy-o.
-FUEL FILTER FUEL FILTER FUEL FILTER!!! this engine can demand fuel and the filter is a weak point in the fuel system. keep her clean!
-COP's (coil over plug) tend to fail on the mod motors, i replaced on on the mustang not too long ago. usually a failed COP will show up at a certain temp, my wifes car would run great until it got hot, then it would have an intermittant misfire. run the engine cold through hot, you will hear it if its dropping a cylinder.
OTHER NOTES:
-dont be afraid to let these engines REV! they were designed to, and up high is where they get the power. its not going to grenade (although for a diesel guy, it will scare you!).
-many people install a vacuum guage and for best mpg's try to keep it below (numerically higher) than 10 in/hg. its slow off from a red light, but saves a ton of fuel if you arent in a rush.
-gear low! (numerically high) you dont want 3.55 in a v10, its not going to like it and will suck down the fuel. the rev happy nature of the engine responds very well to 4.10 or lower axle ratio, ESPECIALLY if you want to run bigger tires.
-more mpg/power stuff: EBAY headers and y-pipe. the stock y-pipe is stoo-pid and there is a no-name ebay y-pipe that everybody swears by. i havent done it to ours yet, but its in the plans.
thats all i can think of for now