Modular refers to the engine design. Basically the 4.6 SOHC, 4.6 DOHC, 5.4 SOHC (F series trucks), 5.4 DOHC (Cobra R and Navagator), 6.8 (V10) SOHC (Excursion and some F series trucks), and theoretically a V6, a V12, or a Quad 4, are based on the same design.
The 4.6s, 5.4s, and 6.8 all have the same bore. The 5.4s and the 6.8 have a longer stroke. Basically it give Ford the ability to design new engines for very different applications (big *** truck (F250), sports car (Cobra), old lady car(Crown Vic)) without have to start from stratch. Makes them quicker and cheaper to develop, easier to test, gives them better tolerences.
Basically there is a standard front end (modified for the application), some number of cylinders, and a standard back end (modified for the application).
The devil is in the details, but that's the basic idea.
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