I went from 3.73 to 4.30 in my 5.4L-equipped 2008 F250 (read: crew cab 4x4 = heavy truck with a small block gas motor) and the difference was immediate and obvious.
In line with carringb's experience, I lost a bit of freeway economy but my around-town MPG actually ticked up slightly so for my usage there was no real "penalty" to the swap.
In many cases I feel gear swaps are overkill- especially if running a modern 6 speed auto with deep first & second gears- but I think the Ford 5.4L V8 & 6.8L V10 are exceptions to the rule.
The power's there, but you have to enable yourself to go get it...deeper gears accomplish that.