I have been waiting to buy a new F150 4 x 4 to see if it can be flat towed as is, and now it can.
Powertrain Tweaks: Unlike last year, the
2012modelyear brings no new additions to the
F-150 engine portfolio, but engineers have tweaked a few things elsewhere in the driveline.
For starters, an electronic shift-on-the-fly transfer case is now standard on 4×4 XL, STX, FX2, XLT, and FX4 trims in lieu of the previous manual transfer case. Other trim levels aren’t forgotten; in fact, Lariat, King Ranch, and Platinum models now gain an electronic two-speed transfer case that sports an automatic four-wheel-drive setting. Additionally, a number of the limited-slip differentials previously available with the 3.5-liter EcoBoost V-6 and the 5.0-liter V-8 have been replaced with electronic locking rear differentials, even on 4×2 models.
Ford is also proud of the fact it now offers neutral tow capability on all 4×4 models, allowing any 2012 F-150 to be flat-towed, but we think more drivers will regularly use and appreciate the new
HillStartAssist feature, especially in hilly terrain. The system, which is standard across the board, holds the brakes for a full two seconds after the driver lifts off the pedal, preventing the truck from rolling backwards when launching on an incline.

Read more:
2012 Ford F-150 Updated, Gets New Appearance Package - WOT on Motor Trend