Fuck the 4.7 jeep get teh 4.0 and be happy with awesome mileage and plenty of power. oh and they will cost thousands less. I have driven 2 4.0 powered wranglers and a 4.0 powered WJ grand Cherokee (99-04 i think) and it never had an issue roasting the back tires or getitng me out of what ever i put it in.
the 4.0 inline 6 is a thing of beauty. they are bullet proof.
i have a 2000 jeep grand cherokee lareado 4.0L. it sucks for gas mileage. driving only to and from class which is about 3 miles city, i would get 14-15 mpg. i had a buddy with the limited version and the 4.7 and he would get 15-16 around city. we both drive like mad men, i am always in a hurry so i know that doesn't help economy around the city. my 4.0 gets 19-20 straight highway, so still not that great.
my only complaint: i had to put on the thrid water pump at 106k. i don't know why or maybe i'm just having bad luck, but my jeep EATS water pumps. first one went out 60k, replaced with OEM new, that one went out at 106k, replaced with advanced special. maybe that will last longer but they are a PAIN to replace the first time. I've left so many bolts off stuff that was hard to get to i did the last one in about 3 hours. only other thing is the chain drive on the select track transfercase will rub the housing every so often and it makes a noise but the two 12s i have fix that problem easily. over all a decent 4wd suv.