From what I can tell;
- 1) lift pump pressure can be an issue when bombed
- 2) I have heard of several failures, but it doesn't seem as widespread as 2nd gen lift pump failures.
- 3) I haven't heard of any CP-3 failures due to lift pump failure. This is far different that the 2nd gens, when a lift pump failure was often a precursor to VP-44 failure.
Personally, It sucks if the lift pumps are a weak link and prone to failure, but my biggest fear with my '01. 5 was a VP-44 failure. If the CP-3's aren't affected by low fuel pressure, I am happy.
The answer to your questions are: Yes, they appear to be more reliable and Yes, some people still recommend a fuel pressure gauge, but it seems to be less important than before, especially in a stock truck.
Dave