I have both a 7.3 in an 01' Excursion and two 5.9's, one in a 92' Dodge and the other in an 06' Dodge. That said, the 7.3 has been a reliable power plant, but if I were looking for a vehicle over 200k, I would go for the 5.9 every time. The 5.9 is overkill in a light duty pickup, it's a medium duty engine in a light duty application. The 5.9, with the proper maintenance, will run twice fold the amount of time that a 7.3 would.
The 92' Has 170k on it and up until 2000, it only had 55k on the clock. From about 2000 - 2005, my father put 100k on it in 5 years. When he passed away I started driving it and have put the last 20k on it. I usually only drive it about 3 - 5k miles a year, one oil changes length of time. The 92' is an automatic and still has the original 518/46RH auto and it's spent the first 55k miles of it's life towing a 20'+ travel trailer while it's bed was loaded with probably 1000 - 1500lbs of cargo. The transmission surprising still works well, the only issue it that 2nd gear likes to stick when you get into a lot of stop and go traffic and the fluid gets a little warm. Also remember that that particular transmission doesn't have a locking torque converter, so it runs a little warmer than a newer one.
I don't let the 92' sit for more than a week most of the time, but I wouldn't be worried to let it sit longer. I tend to drive it more in the winter because the heat works fine, but the air conditioner too much of a load on the engine and the vent foam has started to deteriorate. It's definitely not the prettiest thing on the road, but it's dead reliable, and I wouldn't hesitate to take it on a long trip. It's only left me stranded once when the batteries needed to be replaced. Unfortunately I can't say the same about the 7.3, it's left us stranded 4 times in the last 4 years, albeit because of normal wear items, but still.
As far as fuel mileage, the 7.3 will do 20 on the highway, and about 15 - 16 around town, but it's 2wd though. Both of the 5.9's are 4wd and the 91' will do 20+ on the highway and 16 - 18 in mixed city/highway driving. The 06 will do about 16 in mixed driving, and 17 - 18, or possibly more but I haven't been able to check yet, on the highway. Personally, I think that's excellent for both of those trucks compared to 2wd vehicle that has much better aerodynamics.
Between both sides of the family there have been six 5.9 Cummins Dodges since 1989, 5 of which we still own. An 89', which is the only one that is not owned anymore, the 92', a 95', an 01', and two 06's. The 95' is a 5 speed and actually only has 90k on it, it has spent it's entire lift towing a 30+ ft 5th wheel camper. The 01' is an auto with about 48k on it, and has spent all of it's life towing in the same way that the 92' used to. Both the 06's are daily drivers that occasionally tow every once in a while.
The 7.3 is good, but it's not a 5.9, plain and simple. The 5.9 has been a good engine to us, as well as to many other people, and I would never hesitate to buy another one, or another Cummins at that.