I would check the sparking timing with a timing light to rule out a bad Cam Position syncronizer
Read here:
http://www.therangerstation.com/tech_library/camshaft_position_sensor.html
Then do a compression test.
Compression is directly related to power, more compression = higher power, so lower compression = less power.
With all spark plugs removed and a good battery, crank should spin fast enough to get approx. 170 psi on each cylinder, 160-180psi.
Lower compression could be a loose timing chain, this might show up on the timing light test as the Cam syncro runs off the cam.
Could be some bad valve seats, I think this was an issue on some 3.0l engines/heads.
Or bad rings, but this would only be expected on high mile engines, 250k miles, but even then it would effect the power gradually not all at once.
After doing a "dry" compression test, put a tablespoon of oil(via spark plug hole) in each cylinder and repeat the compression test, compare "wet" results with "dry" results.
Compression should increase, that doesn't mean bad rings, but it should only increase by a few pounds, if you got 140 psi dry then 160 psi wet, it would indicate failing rings.