I know someone who has a 98 2wd 4.6. Its a dog. He barely gets 14 mpg in town.
I'm lucky to get that in town with my 4.0 Ranger. So saying a V8 with something like 13% more displacement gets the same/better in town mileage isn't a bad thing. Gears also make a difference with the way a truck feels. My truck feels rediculously strong when not towing anything, but get a load in her in-town, and she feels dogged down. 3.08 gears are not towing/load friendly, they are however good for highway mileage and keeping the RPMs down close to the torque peak. Which also helps when towing things on the highway/interstate, once it gets moving anyway.