We have pretty much that exact setup with the factory CL II tow package.
2006 Mercury Mountaineer (same platform as Explorer)
Upgraded to Class III Curt Hitch (5000lb tow, 500lb tongue)
750lb Weight Distribution hitch to keep rear end from sagging (although it really doesn't sag much at all without)
Tekonsha P3 Brake Controller
Aside from a slight loss in acceleration, I can't tell much difference. Acceleration isn't a problem mind you, but it takes higher revs and perhaps dropping down a gear for that extra oomph when passing, onramps, and inclines.
Otherwise, it's not too apparent there's even a trailer back there. Steering and braking are nearly the same.
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2006 2720SL
2005 Mercury Mountaineer AWD V6
Tekonsha P3 Brake Controller
750lb Weight Distribution Hitch
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