I have had 3 5.3's they do well for the size, fuel economy is good, power is ok, but the performance as a general statement is average....
I drove a Ram for a week with a V 6 and was impressed with how smooth it was as well the economy was surprising, but not much power for hwy stuff...
The 6.2 liter stock and modified pull really hard particularly at higher RPM's .... I actually was surprised how fast it pulled to 98 MPH then I discovered the limiter, which was dangerous as I needed at least that speed to get by this ass hat in front of me... I run Premo gas as well Mobil 1 or Amsoil oil... I get great fuel economy on the hwy and crap around town, for me the small extra cost in fuel is worth it for the 6.2 its fun to drive and a great baseline for a super charger or turbo or just a great intake and exhaust... the fuel economy is definitely better with higher octane, no question there... Like alot of comments I come from the camp of go big or go home... either way its a great truck and we all have that in common !