Mine is fairly old but mechanically it has been pretty great. Mine is actually one year older than he one pictured, so depending on the drivetrain, it could be extremely similar to mine. My 302 engine has been extremely reliable, it even starts in sub 0 temperatures. It has also had a heater core replaced (about 15 years ago) and water pump twice (only get 13 years out of one before it starts leaking it seems, though the pump 2 and 3 aren't ford parts). The a/c needs charging once a year on mine, too, and it's definitely 1980's ac, not too powerful, but the windows roll down just fine.
About a month ago I took a road trip from New York to Wisconsin and back, and I got about 16 mpg with about 50% a/c use. It's not as good as the 18mpg the window sticker claims, but not awful.
My dad used econolines for work for years (still does) and his only gripes about the older ones were that it goes through brake pads faster than he'd like, and he can't seem to get more than 200k (all city) miles from a v8. Keep in mind, though, he overloaded them to the max, floored it constantly, and changed the oil whenever he got around to it, so ymmv. To be fair, they all still ran when he sold them, just not well. I've replaced brakes once in the past 5 years of van ownership.
It's not a ball joint suspension, so you don't have to worry there, and I've never needed wheel bearings which were both regular problems on my dad's one single Chevy work van (2003 express box truck). I've known people with older Chevys and that say they are reliable like the older fords, but I have no personal experience. My parents also had a 4wd Aerostar and said, other than being gutless, it was very reliable. Again, my parents think anything with less than 300hp is gutless, so ymmv. Though I think my 302 van AFTER being modified is still fairly gutless. It is filled with seats and oak wood, though, so it's a good deal heavier than it could be.
Also, I'm told the auto in my van isn't very sturdy, but after all those years of towing, it still works perfectly, so I'm not sure on that.
Hope this helps.