I have a 22 TB with the 2.7 Turbo HO. The best mpg I've gotten after 60K miles was 24-mpg unloaded and rolling downhill.
My average mpg including mostly highway, then city, then trails ranges from 17-22 mpg. Stock.
EDIT *** After another 2" lift, 35s (which are actually 34s), and a bed rack with a tent, I'm closer to 15-18 mpg on average.
I also only run premium fuel
It's not the most fuel-efficient engine option but it's bulletproof.
When towing a trailer up to 8000lbs or hitting the max towing limit, going up and down grades that are up to 7%, the 2.7 handles it fine - it doesn't whine out at redline unless you floor it and try to overtake someone going up the grade. MPG here is absolutely hilarious and not worth mentioning. The only thing that does make me nervous is having such a light truck compared to the added weight of a 5.3, 6.2, or 3.0.
I don't tow often, maybe 4 times a year (usually a family camper 7600lbs or horse trailer which is about 5800 lbs).
If I could go back and get the same low interest rate that I have now on the 2.7, I would've paid more for the 3.0.