That is your biggest advantage. We had a 92 F-250 2wd E4OD and an 88 F-250 2wd C-6 and there was a noticeable fuel economy difference. The OD and Lock-up Converter (especially the lock up converter) make a big difference.
The lock-up is one of the things they are using on the newer vehicles. My 11 F-150 has the 6 Speed automatic. It's actually a Double Overdrive transmission. (4th is 1.14, 5th is .87 and 6th is .69). So the gearing is part of it, plus when driving easy, it goes to the highest usable gear as quickly as possible. Cruising at 55 it at ~1200 RPM. But, this transmission is designed to (and does, I've felt it) lock the converter in all 6 gears. It slips it just enough, and then locks up. If you accelerate, even at low speeds, the engine (in my case a 300 hp 3.7 V-6) will "grunt" and start to accelerate, the RPM's don't jump like an older vehicle would, they ease up, as speed increases. If you push the pedal a bit harder, it will unlock, the RPM's will increase, and if needed then downshift (and it will skip gears on a downshift too).
If you make a spirited takeoff from a light, it will run up through the gears, holding them out, with the converter unlocked, and really get going (if you quickly roll into the throttle to WOT from a stop, I've seen it in the 6000RPM range before it shifts). I've surprised a few passengers with my "little V-6 in a big truck". But, in just "normal driving" (don't have to be first away from the light or up to speed) it will use 1 long enough to get rolling, shift to second and lock the converter, and then step through the gears as reasonably as possible. This is how with a Full Size Pickup (see sig) I can push 20MPG for my mixed commute. Now, throw one of the cute little hair driers on a 2.5 V-6 and that't how Dad's 4x4 SuperCrew can see 25+ It's all part of the design package. The engine has to have enough power (the lowest is the 302 of my V-6) to push the taller gears at lower speeds. I know this is a few decade jump in technology, but it does show the correlation in how fuel economy was gained.
In the Ford Diesels with automatic transmissions:
6.9's - C-6 - 3 speed, no lockup, no overdrive
7.3 IDI - E4OD - 4 speed, lockup, overdrive
7.3 PSD - E4OD/4R100 - 4 speed, lockup, overdrive
6.0 PSD - 5R110 - 5 speed, lockup, overdrive
6.4 PSD - 5R110 - 5 speed, lockup, overdrive
6.7 PSD - 6R140 - 6 Speed. lockup , double overdrive
Yes I understand that some of the economy gained by the gearing is sacrificed in the name of "emissions", but, more gears and more power is how they are doing it. In the smaller trucks the 6 speed that I have, as been replaced with a 10 speed.........