I have a 2000 LS V8 with 45,000 miles and 2003 LS V8. The 2000 LS when you floor the gas, will frequently and apparently go into neutral. You'll start to accelerate quickly and next thing you know, you'll quit accelerating and see the tach peg out. I took it to a Ford/Lincoln garage and the service tech said it needed a "speed sensor" that I think he said goes somewhere on or around the transmission. There is another dealership much closer to home. I repeated what the other dealership diagnosed and he seemed confused. So...I haven't had it worked on yet. It operates normally as long as you don't get goosey with the accelerator. Anyone have this problem? Any ideas as to what needs replaced?

sorry to hear that, but it could possibly be a torque convertor going bad.

Im dealing with the same problem mine started out just doing that and now my transmission only work in select shift no reverse or anything!! Its getting looked at now I'll let ya know what they say

Speed sensor???? For God's sake....