Well I have the revised pulley on my 3.7, it's the same pulley as the one for the first generation 4.7. I haven't had any issues with it, quality, it's a pulley similar to the stock one, just underdrive to put less strain on the motor driving accessories which allows more power to the wheels.
The concern I have is what can happen if a harmonic damper/balancer/pulley is not right for the motor http://en.wikipedia.org/wiki/Harmonic_balancer
. I don't know how many parts the old 4.7 shares w/ the newer one, but looking at the parts site the cranks and pulleys are different parts at different prices. That's why I'm raising the red flag here.