My current truck has the 5.3/3.42 combination. Last truck was a 1998 GMC 2500HD with 6.0/3.73 combo.
Before buying the new truck, I did a lot of research and number-crunching. I was skeptical of the 3.42.
It turns out that the net output thru the 6-speed tranny is lower gearing when compared to the HD 5-speed manual tranny in my last truck. That truck had the 3.73 differential.
Combine the lower gearing thru the tranny with the higher geared differential and the net gearing for the whole system, from crankshaft output to rear wheels, was about the same. Plus, the new 5.3 has a lot more HP and torque than the 6.0 in my old truck.
Old truck was rated to tow 6500 pounds, new truck rated to tow 10,000. (In the real world, the limiting factor on the new truck seems to be hitch weight/carrying capacity, not tow capacity.)
Wayne