BobCorazza,
I agree that the changes to the 04 5.4 L vs the heritage were minor. The only significant changes I know of us going to 3 valve/cylinder to help it breathe better and an electronically adjustable cam. So, newest 5.4L engine puts out a little more hp and torque with a flatter curve that was shifted further toward the lower RPM range...at least that's what I remember. Nothing 'revolutionary'. I can't see those changes necessitating a thinner oil.
I read the same thing about 5W-20 being specified only to squeeze out a tiny bit more mileage. I plan to go to 5w-30 before long. I'll have to wait a little while though. When I last ordered some Amsoil 5W-20, I ordered enough for 2 oil changes...so I have one more change to go...then will probably go to the 5W-30 2000 series (I was dumb and bought that 7500 mile oil 1st time...should have paid just a little more for the 2000 series). But, I will stick to a ~5000 mile oil change interval....makes me feel more warm and fuzzy inside and I won't have to worry about warranty issues in the very slim chance that something ever happens to the engine internals.
Waste of money? Probably. I have never kept a vehicle past 140k mi before...I doubt there's any oil on the market today that wouldn't keep the engine running fine and dandy for that long. But, I'm doing my part to keep the economy going, so eveybody should be excited about us free-spenders.