I have the GM 5.3 with 3.42 gearing and 6-speed tranny. It pulls great, revs a little higher then my old 6.0 GM but that's okay.
If you choose the 5.3 there is an optional Active Fuel Management (AFM) that is known to cause engine problems over time. You can easily disable it with a low priced plug-in (easily found with a google search) that makes city driving very pleasant and does not harm fuel consumption. I found that with AFM active the truck seems to lack power since the delay from gas pedal input to acceleration is very long (has to downshift and go from 4 cylinders to all 8 cylinders)
When I cruise down the freeway, I just unplug the module (ODBII port) and it allows the AFM to work again. It does save fuel on the freeway to drop into 4 cylinders.
When I'm driving around the city or towing anything, I plug the module in again and disable the AFM.
Just some thoughts for you.