Automotive News reports today that Ford has severely scaled back the BOSS engine program. Only one vehicle will receive it - the F-250 (and up) series as a replacement for the 6.8 liter V-10 (which is therefore implied to be cancelled as well).
This means no BOSS engine in the mainstream F-150 or special editions Mustang.
The new F-150 (actually heavily reskinned - not all-new despite what the marketers want you to believe) will launch with variants of the existing 4.6 and 5.4 liter engines. Well after launch, the F-150 will also receive a 4.4 liter diesel, a 3.5 liter EcoBoost V-6, and eventually a larger variant of the naturally aspirated 3.5 liter V-6 engine. In terms of cubic inches, this will leave it at a disadvantage to the competitors from GM and Chrysler - however better mileage will be available as well as a wider range of engine options. That's clearly what is needed in today's market and for the market going forward... versus the market 4-5 years ago when the F-150 revisions were first determined.
This also leaves the Mustang without a "big-block" engine. While it hasn't been seen in public yet, it's believed that an evolution of the 4.6 liter engine will be offered in 5 liter displacement. Just exactly how much money went into that evolution is under intense debate on the web... with self-proclamined experts arguing over whether it will have 3 or 4-valve heads, and how much power they can dream up. This engine will also apparently find it's way into the F-150 as well. And further developments of it are believed to be planned to replace the long-stroke (and highly inefficient) 5.4 liter engine. In any case it's already known that the 3.5 liter EcoBoost V-6 will be offered in the Mustang and performance enhancements to that may be possible.
And, just as Chevy is considering their boosted 2 liter 4-cylinder engine for the Camaro (260 HP, 260 torque), Ford has an EcoBoost 2 liter 4-cylinder (275 HP, unknown torque) in the pipeline that would work just as well. These 2 engines are producing torque that the previous 4 cylinder Mustang never produced and would provide an satisfying driving experience with the right transmission and gearing.