Projector retrofits are definitely the way to go if you want to improve the stock headlights. Vastly better spread and cutoff than doing a HID bulb in the stock reflector. And from what I've read, most of the complete projector (non hid) headlight replacements have crappy lenses, and are actually worse than the stock headlights!
Retrofitting in decent quality HID projector lenses, bulbs, ballasts seems like the best solution.
There's a HID projector retrofit kit group buy going on right now for F150 owners. 25% discount if we get 25 or more kits ordered.
This is a do-it-yourself deal, but with the latest kits, it seems much easier than the old methods of retrofitting. Little or no dremel work, adapter plates that line things up. Still have top split your headlight shells with some heat though.
I have no personal affiliation with the retrofit source. Discount code is F15025 (case sensitive), more details
here.
Here's an idea what retrofitted F150/Raptor headlights look like:
Different style trim rings are available, and some paint their reflector lenses black...
These lights were done by a custom retrofitter, but at about $1,000 a pop for the custom guys (vs. $220 or so DIY), I'm going to give it a try myself.