Ah, my favorite part! The only real similarity to the 5.7 is 8 cylinders, after that everything is much nicer.
It fires at the touch of the key. My 5.7 on it's best day never did that.
It is smooth, not just at idle, but throughout acceleration. Throttle response is excellent. However, some folks say that there is a difference when you romp on it (a lag) because the transmission downshifts electronically rather that with a TV cable. Me, I don't expect to romp on it in the rocks.
Fuel economy is waaaaay different than the 5.7. If you compare the stock OEM specs, you are basically getting more H.P. and torque from fewer cubic inches while using less gas, what a deal! When you are off-road fuel economy is a plus.
It's quieter! It took me a while to figure out why. It's because, even with the OEM air cleaner and filter on the 5.7, you're not hearing the TBI (a modified carb) sucking in air and fuel. In the 5.3, the plenum, direct fuel injection and air intake system don't produce the same sound.
Seriously, the first time I took it down the street I thought I was in a completely different vehicle.
Then there IS the cool factor.
Aww man! This makes me want to swap mine from a TBI to LS, and I haven't even started mine yet!