I've got a 5.3 in my '05 Silverado.
It's all newer technology vs old. I'm still learning about it, but I'm impressed. 325 CI and ~290 HP.
IMHO, it's far superior to the old 5.7 / 350. (Keep in mind that there is a also a newer 5.7. aka the LS1. I don't believe it was ever installed in trucks, however.)
The first thing I ever had to do to mine was replace the knock sensors. They're mounted in wells, between the cylinder banks. If the seals get compromised (one of mine got mouse chewed

) It can allow water to get down into the wells and short out the knock sensor. (Only one was shorted, but I replaced them both while I had the intake off.)
Regarding the intake... It's a one piece plastic design, that
doesn't serve as a valley cover. You can remove it without opening the cooling system or otherwise going into the engine. No coolant goes through the intake manifold, unlike the 350.
The gaskets are molded plastic with rubber (silicone?) inserts. In retrospect, I probably could have reused them, but I never have before, so I didn't even think about it before I bought the new ones.
In contrast, the 350s use typical gaskets that require sealer around the coolant ports, and etc. Used to be a much nastier job.
As with anything, the newer the year model, the more bugs that have been worked out of the new design.
Edit - For reference... I've had several "old" small blocks. A couple of 262s (75 and 76 model year only. They were dogs) and a couple of built up 350s, and a 305.
I've also had a couple of 4.3s, that were essentially 3/4 of a 350. They were okay, but the LS engine, including the 5.3, is far better.
It moves my crew cab Silverado really nicely, for how big it is. Got 16 MPG with the bad knock sensor, and my lead foot.

[This message has been edited by Raydar (edited 07-31-2011).]