Would probably help if we knew for sure what year it was. You said 2004 in the title, 2007 in the post. Even at that, both were transition years. 2004 would be LB7 2004.5 would be LLY, 2007 would be LBZ 2007.5 would be LMM.
LB7 is commonly held to be the best for fuel mileage, but power is lacking a little bit in stock form compared to the later engine and it doesn't have the VVT turbo. Injectors are known to be a big/expensive failure point, but there are things you can do to improve their chances.
LLYs are better on the injector issue, although no engine is immune to possible injector failure, they had overheating issues that can easily be fixed by upgrading a few pieces, injector wiring harnesses were commonly rubbed through and shorted, again an easy fix, but annoying to find. Has the VVT turbo.
LBZs are generally the least problematic, unless you look to go over 500hp then the pistons crack, has stronger rods (weakpoint above 500hp on the earlier engines, Delipped LB7 pistons + LBZ rods is a pretty strong setup), more powerful, VVT turbo, has the 6 speed Allison vs the earlier 5 speed,
LMM Basically the same as a LBZ, but with the DPF Emissions crap.