My neighbor has a second gen ranger almost like mine, the difference is his is 4.0... I've driven his, there is a notable difference in power. I think they put out a fairly similar peak HP rating, but torque is a totally different story, and the 4.0 I believe has a much flatter power curve... which makes it much nicer to drive. My 2.9 ticks, I'm considering replacing it.
As far as reliability... it is a very reliable engine, the problems it has this forum has fairly pinpointed... Timing gets off if someone screws with the distributor and doesn't know what they're doing, the stock ignition control modules fail (cheap), heads crack internally if poorly maintained (don't put bars-leak or similar in your engine, or a block heater.) Gas mileage wise, I had an 86 dodge ram 50 when I bought my first ranger, which was carbed and impossible to tune, I was getting 10 mpg.
So as someone said, if you look at the era, it was a great engine. Look at the number still on the road, I see old rangers everywhere.