Before 95 was OBD1. 96-up was OBD2. Completely different animals on the electronics side. OBD1 was unique to each manufacturer, more or less. There were some things that were the same between makes, but not tons.
Prior to 1988 (is that right?), the EPA mandated that cars have certain emissions equipment and some manufacturer samples had to be tested to make sure they comply. For instance, Ford may have had to send 20 Mustangs to the EPA so they could test that its emissions were within spec before Ford could sell any Mustangs. Once it left the dealer lot, an owner could defeat all the emissions stuff, or something could get out of whack on its own and it could start polluting a bunch of junk. There was no computer really to monitor that emissions equipment was working.
In 88 or 89, they started doing OBD1. The EPA now mandated that there needed to be some kind of computer that monitors the emissions equipment and tells you when something is out of whack. They didn't really control how the manufacturers did it, but they did standardize some things. Each manufacturer sorta did their own thing. CEL codes were different between manufacturers, the software was proprietary, and the communications protocols could be different.
In 96, the EPA mandated OBD2 which standardized many things. Every vehicle had to have the same universal data connector, all the communications protocols had to be one of a handful of types, and CEL codes had to be universal. If you get a P0301 code on any OBD2 vehicle, it means the same thing regardless of whether it's a Chevy or a Ferrari. It also added things like downstream O2 sensors to monitor catalyst efficiency. Many vehicles also use the downstream sensors to more accurately control fuel trims, but doubtful in a 96 F150.
Upside to OBD1 is that there are typically fewer sensors and monitors. Not as much nanny. Upside to OBD2 is that it is usually easily programmable. OBD1 can be a royal pain, to be honest. The codes are somewhat vague, and retrieving codes is cumbersome and time consuming. The codes you get might say "EGR fault." Great. Is that the solenoid, the valve, the sensor, the tube, or a vacuum problem? With OBD2, you have thousands of error codes that can be retrieved in seconds with a $15 universal code reader. The code you get might say "P0402 EGR Excessive Flow Detected." That at least narrows down to a couple things: Either the valve is stuck open, or the sensor thinks the valve is stuck open.
Given the choice between 1 or 2, I prefer OBD2. It's accuracy in helping narrow down things also came with a light-years-ahead approach to fuel and air management, and (in the case of many vehicles) a big upgrade in processing and memory. OBD1 was a Commodore 64. OBD2 was a Blackberry.