Kevin, read that again and you'll see it says "Do not use ... in transfer cases."
HMM, , you're right, Smokey, but Mobil 1 Synthetic ATF says on the bottle, "Also suitable for use in automatic transmissions for the following applications: .....Ford Mercon, Mercon V, Mercon LV...."
To me that means it's equivalent to Mercon, which was what Ford called for in my t-case as well as an automatic tranny for my year model.
I have a suspicion that Ford's "Transfer Case Fluid" may be the old Mercon, but that's just a guess. Maybe they rebottled their old Mercon stock and remarketed it.
Ford doesn't say why not to use Mercon V in t-cases. I can't see what would make a t-case self destruct with Mercon V in it, as there aren't any synchronizers, friction clutches or similar things like you'd find in an auto tranny, just gears, bearings, and a chain.
I just put the question to Exxon Mobil thru their Mobil 1 website. We'll see what they say.