Pros: Handling, Safety, Looks, Price, Features, V8
Cons: Sourcing Parts, Bad Ignition Coils
Chances are if you are reading this you either are considering buying a Lincoln LS (obviously used) or you own one and need some info about something that might be going on with it. Therefore, I'm going to focus on things that you would want to know if you are considering buying this car or if you have run into some problems with your car and then I'll work into the other stuff you might be interested in knowing.
Here we go...
Ignition Coil Packs/Valve Cover Gaskets (V6 & V8)
The ignition coils are prone to failure on the LS. The is largely due to the factory installed valve cover gaskets which are known to leak and thus fill the spark plug wells with oil and in turn short out the ignition coils. Ford has revised valve cover gaskets that can be installed which fix this issue. There is a kit for either side of the engine that includes the gasket for around the valve cover, the 4 gaskets for the spark plug wells, and two gasket for bolts. It is important that you get that kit, and not just the actual valve cover gasket. Replacement ignition coils can be found much more cheaply on the internet that at the dealership or retail parts store. An engine misfire will be the most common sympton of a bad ignition coil and can be followed up by a check engine light on the dash.
Clockspring (V6 & V8)
The clockspring is a device that is inside of the steering wheel that allows you to have electrical devices and switches on the steering wheel...such as the cruise control and audio buttons. The clocksping is prone to wearing out and not allowing these button to work. Another problem with the clockspring wearing out is that the airbag light will come on and the drivers airbag will lose its electrical connection as well.
Coolant Overflow Tank (V6 & V8)
The coolant overflow tank is pressurized, unlike many coolant overflow tanks that are just overflow tanks on older cars. The tanks are made of plastic and after a few years can develop cracks in the sides and leak as they are continually pressurized and unpressurized and heated and cooled.
Sway Bar/Stabilizer Bar Bushings (V6 & V8)
The sway bar busings are known to wear out early and in turn cause a clunking sound as you are driving at lower speeds. The bushings are not sold by Ford and have been updated with the newer sway bar design that is in the '03+ LS. Therefore to fix this you must replace the entire sway bar with the newer one. However, you don't have to do this. The universal sway bar bushings will work as replacements and are much easier to replace and much less expensive then replacing the entire sway bar.
Sourcing parts for the car isn't as easy as some. Most parts stores do not have the majority of parts needed for this car. You have to get most replacement parts from your local dealership or use some of the online dealerships to order parts. Therefore, replacement parts aren't always the cheapest. Additionally, the aftermarket doesn't supply to many parts for this car. Bolt on performance modifications include intake systems that can be purchased and cat back exhaust systems from Borla and Magnaflow. After that, performance modifications are limited. If you do work on the engine yourself, you will find that it is more difficult to work on then your average engine as there is very little room to work sometimes.
Don't let those negatives keep you away from the car though. Overall the Lincoln LS is a good car. Having one with the V8 is ideal. Acceleration is decent with the V8, but could be better. The engine is the same as the one that is in the '02+ Ford Thunderbird and the Thunderbird platform is borrowed from the Lincoln LS. The car handles great for a large, heavy sedan. The car looks beautiful from most any angle. Storage space inside could be a little better, the console and glove box are both painfully small. The front and back are both roomy. The features this car offers is impressive. The Lincoln LS is a good step up if you are used to cheaper cars, however if you are used to luxury cars such as BMWs and Mercedes, you will probably find that the LS is a little short for your tastes.
Real world the car is easy to drive and very very fun to drive. On the interstate you can expect 26-29mpg and in the city you will get less, depending on your driving habits. Accidents do happen and while driving the LS, you can be comforted by the fact that in crash testing the LS has performed extremely well...this is a big positive in my opinion. In the end, this is a good car and I would recommend it, you can expect it to last for miles after the could of little bumps above are fixed.