Can't speak for the 4.0 OHV - I have the 4.0 SOHC and I can say it's been extremely reliable.
Just passed 345,000 km - that's something over 200,000 miles - with no major engine repairs so far.
Gone through a couple of alternators, a battery, thermostats, a lower thermostat housing (which developed a leak), a few hoses that were softening, also had to fix the A/C because the clutch went south (apparently a known problem with Fords), a wiper motor and a few other minor things, and that's about it - but no major engine work.
Timing chain problem hasn't reared its head - seems they fixed it by the time my truck was manufactured in Nov of '02.
Truck has been regularly maintained - most important thing IMO are the oil changes (every 5,000 km, ~ 3,000 miles) and the tranny services (every 50,000 km, ~ 30,000 miles), and regular replacement of the filters (air and fuel), plugs and wires - just keep up the routine maintenance and it pays off.
I'd vouch for the SOHC engine anytime.