Should I just replace the [downstream O2 sensor] or wait until the computer yells at me to?
Personally, as long as it was not doing anything too weird (like not ever settling down), I would wait, but.... (There's always a "but", isn't there?

)
"But" #1: I monitor my vehicles more closely and frequently than the average owner.
"But" #2: There's a chance (IMHO) that the downstream O2 sensor actually
does matter for something besides a catalytic converter "monitor".
But as time went on it appears alot of vehicles started using the downstream sensor to make minor fuel trim adjustments as well.
I think you're referring to what's known as "rear fuel trim". I'd first learned about this over a year ago (from someone with a 2004 F150) and had mostly forgotten about it after doing some brief, inconclusive testing to see if my 2004 Ranger supported this. I need to test that more some day.
On a related note: Something that I often forget about myself is the set of public Ford Motor Company (FMC) "
yyyy MY OBD System Operation Summary for Gasoline Engines" documents where "
yyyy" is, of course, your model year ("MY"). They contain a lot of excellent, detailed information about the so-called "vehicle monitors" that run on OBD2-compliant vehicles. For those unaware, these are the vehicle tests that run on either a continuous or occasional basis, results of which are checked during emissions-compliance testing, but which are generally also useful for basic vehicle diagnostics. Most scantools should report these results.
There is a lightly organized mess of
these documents, in reverse chronological order. Or you can simply search using a term like this (with appropriate model year):
- Ford 2004 OBD System Operation Summary for Gasoline Engines
The section called "Catalyst Efficiency Monitor" gets into some things that I think you (
@Dirtman) might find enlightening.
That set of FMC documents also contains the necessary information to properly understand the results of the OBD2 Mode $06 ("Request On-Board Monitoring Test Results for Specific Monitored Systems") tests that many scantools are capable of reporting. You've probably encountered Mode $06 data before. I check it monthly, at a minimum, on all my vehicles.
That document for the FMC 2004 gasoline vehicles (including my 2004 Ford Ranger) is 98 pages. There's some good reading in those documents for anyone who wants to get into some of the details.
Hope someone finds this long-winded post useful...
EDIT: Removed request to correct (now-corrected) thread title.