I have bought a few vehicles since the 4.7 came out but never considered buying one. I still hear stories about dropped valve seats that don't happen with a 318 or 360, engines of which I have owned many of thru the years. And have grown to love them. When I bought my current Durango I passed on several that looked real clean but had that engine in them. I am definitely not a fan of timing chains that are tensioned by constantly rubbing on plastic guides. Steel on plastic hmmm don't take a rocket scientist to know that steel on plastic is a recipe for disaster. I looked at several back then before I found this 360 powered one that we have now.
But my wife and I both agree that we like the original body style durango better than any newer. But they aren't getting any easier to find the older they get, especially ones that have a body worth a $#1t in the salt belt.
I have a line on an 03 that seems too nice to be true for the price. If it had the 360 it would already be here if it is as nice in person as a the pix appear. But it don't.
At 270k I have rebuilt everything on the current one we have, it ain't goin anywhere til the wheels rot off.
I found this 03 with126k on it (less than half of what my current one has) being sold as a fixer upper, seller is selling it for the family, as it's driver has died. Supposedly it's a fixer upper mostly because of the time that it has sat.
Im not afraid to go thru one to make sure all is right with a new to me vehicle, as it is standard procedure for me as a fleet mechanic. I have my own 2 post lift here at home even. But it has a 4.7.
i have never dealt with a newer hemi yet,and I know what would be involved in swapping in a 318 or 360. Alot. But I tend to be allergic to car payments, and I keep my vehicles maintained and until there's nothing left to them. No matter how many miles they may rack up. As long as the body and frame are still decent at 15' I run them and fix whatever may need fixed.
This thing is supposed to run and drive ok, I haven't been there to see it yet because I'm not sure about the 4.7. I've never owned anything but a Dodge, but I have never owned a 4.7 or anything front wheel drive. And I won't buy front wheel drive. Ever.

 

Just like any other engine, the 4.7 can be dependable, if taken care of. Keep up on the maintenance, and you can push it past 200K miles without a problem. Go see it. Take it for a drive, see what it sounds like. If it sounds like a can of marbles under the hood at startup...... well, that just isn't a good sign.

 

4.7 is a solid motor, iv actually never heard of any systematic problem with dropped valve seats or similar, the only things i can think of specific to the 4.7 as 'issues' are the snotting issue in the oil fill cap, a 2003 should have the newer baffle in the oil filler which is supposed to help with it (even if it doesnt, the build up is limited to the oil fill neck and doesnt seem to hurt anything) and the common sensitivity to running hot that is inherent in the cast iron block/al heads design.

I wouldnt hesitate to buy a 4.7, they make more power than the 5.2 and run significantly more efficiently (i was able to get 21 or 22 out of mine at 100% highway driving)

 

Well, ya'll know how I feel about them. The miles speaks to the durability. The timing set is all original and this thing is my daily (and only) driver.

Biggest issues I had was a small HG leak, which I fixed 'chemically.' I recently replaced all the lifters, after one seized and threw a rocker. Run Quaker State 0W-20 when you get it.