I have a 99 2500 with a v-10. I love that truck (and i'm a chevy fan). The 488 has more power than anything i've ever driven including a chevy 454. Just don't plan on beating anyone with fuel mileage.
The transmission had been rebuilt already so I don't know how bad it was. the trans now works great. I really don't know what transfercase it has, i've actually only been under it a few times to change oil and a brake line. But the 4x4 is the best that i've seen for a manual, locks infinitaly quicker than my 96 chevy floor shift, i've pulled out my 3.5 ton tractor with it, put it in 4-lo and 2nd gear, I had about a 5 foot rut dug from the tires, but the truck didn't seem like it was bogging down at all