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Yes, the big 3 better pay attention, though I understand the Nissan hasn't yet met sales projections as a gasser and has apparently had production quality issues. I've looked at a couple of descriptions of the 07 Toyota Tundra, available Jan 07, 'up-sized' with a 5.4L? gasser V-8 option, options on bed length and cab, with one package having a 10,000 or so 'towing capacity'. Its a nice looking truck, with up-sized brakes, ABS, and a 10.5 rear end, sized to be roughly competitive with the F150. The Toyo sales pitch sez they looked to 'real' American truck users to design it. If its as competitive as it looks to be, and they beef it up with a diesel in '09 or so, that might be my next truck. Toyota quality [I had and was very pleased with a 1990 xcab small Toyo V6 gasser p'up] with a diesel and the torque and capacity to ably pull the 8-10k of stuff & trailer that I [and lots of others ....] need to haul.
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The new Toyota "F-150 beater" will be a very strong contender. The old Tundra was very "nice" but it was a "3/4 size F-150 Crew", nice but not quite there.
The Titan on the other hand regardlss of your like of the style or not IS a contender.