Yep, I've checked the oil and it looks good. Normal, not milky at all. Just plain old oil. It's a 2004 F150 with the 5.4, 3 valve V8 - 134,000 miles.
I continue to smell it faintly. Even if I can't see any visible signs of a leak and it continues to smell or gets worse, I'll take it to a mechanic I know and see what he can find.