The good:
The second gen F-150 has 385HP stock. That config is with however many mufflers they put on a 150, cats, 87 octane towing tune, truck intake manifold, and log exhaust manifolds. These Coyotes respond very well to modifications as it seems with bolt-ons and tuning you can get them to 425+ HP while maintaining super nice manners and drivability.
For those looking for a milder build using an engine drop out, the F-150 is an incredible value. I found mine locally with about 5k miles on it for about $2500 with all accessories. It is a practically new engine and at that price it was too attractive to pass up.
The bad:
The problem is that the F-150 has a different firing order than the Mustang/Controls Pack (302 HO vs Flathead V8) and it uses MAP vs MAF. The wiring harness on the engine is slightly different and you can't use the Coyote Controls Pack from Ford Racing in a plug and play method. Some adjustments are needed.
The not so ugly:
I've seen so many conflicting statements about how to make it work. Ford's stance is that it simply can't be done without swapping all of the cams along with phasers, chains, tensioners (really?
), and so on. I believe that would set you back about $900 in parts plus quite a bit of work with pulling the chains and retiming everything.
Some say you don't have to make a single change to anything (that's also not true), while others have said that you have to repin practically the whole harness.
There is more than one way to do it, but what I did to make it work (without changing the cams) was pretty quick and easy. It includes a few changes to the wiring harness + a custom tune that I had to get anyway since the engine is modified.
I've yet to see anyone post the easy changes online in a clear manner. If anyone else is having trouble with theirs please feel free to PM me and I can share the changes made along with pictures of how I did it to hopefully spare you the aggravation and trouble!