The usual "4.7L engine sludge" is just a buildup of brown snot on the bottom of the oil filler cap. It is harmless, and is not an indication of anything at all inside the engine. Beyond that, I know of no particular sludge issues with the 4.7L
The cause of the brown snot problem: The PCV valve is in the oil filler tube, so there ends up being a very high concentration of crankcase vapors in there... and (especially in cooler weather) the surfaces at the top of the oil filler tube are cold enough to condense the crankcase vapors. There was a change to the oil filler tube (a baffle) and the cap (an airspace inside), but it still happens.