Welcome aboard Lou! Mind you, everything I'm about to tell you is my own opinion and as the people here can attest, I am opinionated!
The EcoBoost engine and the mileage claims have made quite a stir around the Ford F-150 forums. Many people have said that their new trucks don't get anywhere near the claimed (up to) 22 mpg but then they aren't driving their trucks like Ford does to attain that number.
One thing that I have noticed is that the 2012 trucks do seem to fare better than the 2011 models when it comes to achieving anything close to 22 mpg. I read one account of an owner who gets about 20 mpg on the open road but then he drives the speed limit and no more, eases on the accelerator and minimizes idling at all costs.
If it were me, I'd stick with the 302 and not worry about the rest. Yes, with the 302 you give up 40 lb ft of torque and 1 mpg city versus highway but at least the mileage reports don't have EPA-estimated behind the numbers on the 302! All that and the 302 is $1,300 less than the 3.5 (213 CID) V6. Just saying...
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