The 4.7 is not a great engine or a really bad engine. The most important thing is oil changes, no paper work= run!
Most of the things I have seen (20 year Chrysler tech) that go wrong with the engine is sluge, lack of oil changes. Water pumps (easy on an Ram) go out but not that often, a few head gaskets pop from HARD beatings ( think Godzilla riding a tricycle) but other than that just a Meh engine.
<<<Spared from chrysler ownership for the time being, he had someone offer a good chunk of cash more than what the focus was worth. 
The early 4.7's would, at around ~105k, suddenly develop an appetite for oil. The bad thing was, it happened so quickly that if you were used to not adding between changes RATTLERATTLEBOOM whafuq? For whatever reason this was worse in Jeeps but I've seen Dodges do it, too.
They also have a habit of spitting out rocker arms for no good reason and will at times break valve springs.
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