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I think it's sharp I know of many many many 97-03s that broke. 300k with little to no problems. My 99 has 266k also remember the bigger tires it may have more miles then it reads. Looks like a good deal.
Looks nice, but the rims are a little rough and the tires are spent. Figure $1500 for tires, so ask them to come down to $10,500.
Also find out if the plugs and boots have been changed yet, and wheel bearings. They will run you about $1k. I spent about $3k in maintenance on my truck when I got it. All between 77k and 82k miles.
6" BDS Lift, Fox Shocks, 35" Nitto Trail Grapplers on 18" KMC XD Spy's, Westin Bull Bar w/ Rigid 20" LED bar, Magnaflow 1-into-2 out the back, K&N Cold Air Intake, Rugged Cover tri-fold, SCT X3 with 5-Star Tunes.
Build thread: http://www.f150forum.com/f6/02-super-crew-build-108367/