IMO, it makes no sense to go with the 4.7L instead of the monster 5.7L> Cost wise it's only about a $2000 difference between the two. MPG's are almost the same or even better for the 5.7L. But I guess it comes down to a personal decision.
I love my 5.7L. Coming from an early '04 DC with the 4.7L V8 and 245HP Motor, this 5.7L is awesome.