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I've got a '97 Expedition with the 4.6L. It towed my 240 on a Uhaul flatbed from San Francisco to Iowa City (~2000 miles), and more recently from Iowa City to Atlanta (~800 miles). It's not super-fast while towing, but it is certainly adequate. It's at 175k miles and has been ridiculously reliable since I got it in '04 with 104k. In 6 years the only repair work I've done is replace the load-levelling rear air springs, replace an ABS sensor and recently replaced the alternator.
As for mileage, I don't remember what I got while towing, maybe about 13mpg on the highway? During normal driving, it gets about 13mpg in the city (90% city, 10% highway), and on the highway, I've gotten as high as 25mpg on one tank with the cruise set at 70 (between Nashville, TN and St. Louis, MO).
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