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Been very happy with mine. Strong runner and very dependable. Only issue i've had is a head gasket went south along with an injector. Sitting 120k now I expect to hit 200k. The 5.3 is the old reliable 327.
What year are you looking at? I would steer clear of early 2007. The first AFM engines (active fuel management). They had LOTS of oil consumption issues. They are good motors though.
The 5.3 is a late model small block. If you're afraid of rpm to make power you won't like it.I've had a couple, and like all GM small blocks they're pretty bulletproof.