4.6 Reasons the Modular V8 Is an Underrated Engine
 

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Though the 4.6 modular V8 was certainly not as powerful as the 5.0 or as novel as the EcoBoost, there's no reason for it to be unceremoniously dumped into the scrapyard of history.

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2 things:

1) the problem with the 4.6 is ****ty heads. the 2v heads were wheezers, and partly due to the SOHC design even the 3v heads had poor airflow. The intake and exhaust valves were nearly parallel which means the flow through the exhaust ports was compromised. that a "performance" OHC 4.6 liter V8 only made 315 hp in 2010 was laughable.

2) the 5.0 is still part of the Modular engine family. it wasn't a "clean sheet" design, they started with the aluminum 4.6 and re-designed things from there. if you look it up in parts/service systems, it's called "MOD 5.0L-4V DOHC SEFI NA."

My dad had one in his Cougar and put close to 200,000 miles on it then gave it to my niece who drove it more.

1989 GT 5.0 & 2002 GT 4.6
 

Had my '89 5.0 for nearly 20 years once the tranny started to fall apart I parked it, that was at 275K miles of hard driving, let it sit for 5 years and when my HOA started to give problems I decided to sell it. New battery 1 gallon of fresh gas and it started just like it was driven daily! Not 1 drop of oil on the drive, never saw smoke from the exhaust always ran fine unless there was a vacuum leak due to small cracks in a hose or had leaky injectors. Other than that, the typical Fuel Pump, Brakes & tires wearing out, I never put a dime into it.

Next comes the 2002 which I believe is the faster of the 2 by far, the 89 was stock and the 02 had someone else build it and I got it for a steal, I didn't get any receipts or even a list of what was done to it, But what ever they did seems to work well. I find out a few more things every time I have to do any work on it. I'm finding out that I need to get parts that are from other years and types of Mustangs to get the right parts. That's something I wasn't ready for but all things considered, for the price I paid I have no problems returning a few parts that don't fit and doing the research to find out what I need to fill in when I order new parts. I can't just enter my year and make and get parts, I have 2 or 3 models listed at each site when I order parts now. My only complaint is the 02 has an automatic and I'm leaking some transmission fluid out the rear seal. Any body else have this and fixed it? It's only a few drops, not sure if it's worth the effort.