"...is it the standard block with new pistons/rods/crank? anyone know how this one works?"
It's NOT a "revised Zetec", nor is it a "Ranger engine". It is used in the new Rangers, but it is NOT the old 2.3 from the 80's/90's. It is the new family of Ford 4 cylinders and will be supplanting Zetecs by 2006-8.
It was designed by Mazda and Ford of Europe. Funny how everyone is suddenly interested in this motor now, when I mentioned it beofre no one cared.
And aluminum blocks have come a long way since the 1971 Chevy Vega.