I briefly considered the small pickups when I bought my truck (the previous truck also). In general, they cost nearly as much as the full size pickups and the gas mileage is often no better. They are getting pretty dang good gas mileage out of the full size pickups.
If I ever get another pickup in the future, I will take a close look at the Tacoma. The Toyota full size also. We will see.
Near the same thought process as me when I downsized from my F-250. I was actually looking at the Toyotas first.
I figured I'd like the Tacoma because it's the same frame as my 4Runner. I do indeed like it, but a couple of things that moved me away were the retail price and the bed width. I can live with a 6' bed, but really like to be able to lay a sheet of plywood or drywall flat on the bed. You can certainly use the sidewall indents on the Tacoma to make a wheelwell rack, but I ended up migrating away.
On the Tundras, they are actually quite reasonably priced, especially with their nice standard option package, but are severely outdated. Also the only engine options are two V-8s, one anemic, and both gas guzzlers. We're talking 14-18MPG.
The F-150 was actually my third choice (haven't owned one since a 2002 I had), but after researching and sitting in them, I was really impressed with features, and more importantly payload ability with the aluminum beds. Plus the little 2.7L Ecoboost puts out 325hp (more than the Tundra standard V-8) and I reliably get 22mpg around town and 26mpg hwy. Even got it up to 28mpg on a road trip. I'm more impressed with that little engine every day. I hauled near 3/4 ton of gravel with it a while back, and while the rear sank down a bit (the F-250 never even moved), I hit tow/haul mode and you couldn't tell I even had anything in the back. I also simply like all the elbow room in the cab.
I used to have to deal with parking my F-250 in Santa Barbara, so the F-150 is a pleasure, especially where I am now since they don't standardize parking spaces on the Prius. :)
Anyway, as much as I love Toyota quality as evidenced in my 4Runner, the F-150 really was the best bang for the buck for me and my truck needs. Ford has done a really outstanding job on this generation. About the only thing I miss from the F-250 is the ride height. Even I had to kind of get on my tip toes to get in it. The F-150's seat is just about ass height on me, so it's pretty much a straight slide in. :)
On a side note, the venerable Coyote is going away next year to be replaced by a new 4.8L V-8.
