Aric,
The 5 speed Torqshift auto reminds me more of an Allison thav a Ford Transmission. It is indeed a Ford built transmission. It has 2 modes. Standard, which it acts like a typical auto transmission. It does not have the converter slip that the 4R100 does that Mel describes. I can get it to spin the tires, but with as heavy as it is, I push on the go pedal and it just goes. It does have a lockup converter, OD an a "Coast Clutch" So it has some of the same qualities as the 4R100, but without the converter issues that Mel has. I have never felt that it could not get out of its own way at low speeds.
In its second mode, Tow/Haul mode, it is not an OD lockout like the older transmissions. It is a completely different transmission control strategy. It still uses all 5 forward gears. Yes it will use 5th towing. However, it disables the coast clutch, to allow compression brakeing, and it does work. It will hold the shifts out to better use the power, and tries to maintain a gear that keep the engine at ~2000 rpm which is max torque. It will shift into 5th and drop below that after a constant speed is acheved, and you are just crusing. I also use THM in the hills in Ky. It will hold a gear and maintain speed downhill just like a manual. It will also, if you are trying to maintain a speed downhill and touch the brake pedal, it will shift the transmission into the next lower gear to assist with compression braking. I can be going downhill, and if it starts to creep up in speed, push the brake pedal slightly, it will downshift, and I can take my foot back ff the brake and it will continue to slow down. If I am able to make it out to the Rally, I will have the truck. If you make it, I will have to take you for a ride. I love the 6.0/Torqshift setup.