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Are there any common problems with the 02's I dont know about? Ive got an 02 qcsb 4x4 with the 4.7 and havent had a single problem that I havent caused, well with the exception of dodges crappy limited slip differential. Im never easy on the truck so a few problems are to be expected, but I keep up on the maintenance and shes holding together great.
The 4.7 can (not always) be a ticking time bomb. My buddies first had a cracked cylinder head, hot it fixed then a couple months later cracked another cylinder head. The 4.7s are not great engines, but they also are not bad. If you keep up with oil changes and other fluids and don't gun it everywhere you go you really decrease your chances of something going wrong by a lot.