I've had a 2.7 in a F-150 for about 18 months. I drive about 2,000 miles a month... mostly highway. If I keep it 70 and below I can get ~ 22.5 - 23 mpg. If I put my foot in it.... more like 19.5. Both of those are according to the computer... which I've found to be about 1 mpg higher than reality.
It'll tow just fine, but you'll feel it in the gas tank if you're going very far. Like 11.5 mpg with turbos constantly whistling.
Give the transmission a transfusion about every 40K miles.