Rough outline of the differences...
EDGE/SPORT is placed lower than the XLT.
EDGE/SPORT : color matched bumpers(all with fogs), heavy duty vinyl floor, color matched flares(styleside bed), 2wd is essencially 4x4 suspension w/o a front axle, 01-03 got a powerdome hood, 01-03 got the honeycomb grille, 04-current got color matched grille. 3.0L or 4.0L.
XLT : chrome upper bumper, grey/black textured valence(4x4 gets fogs), chrome rear bumper, grey/black textured fender flares(on most 4x4's), carpet, nice door panels w/ map pockets, 01-03 4x4's got the powerdome hood, 01-03 4x4's got the honeycomb grille(often referred to as an edge grille...they are the same...hood and grille), 01-03 2wd got chrome bar grille, 01-03 2wd got a low pro hood(like what's on 98-00), 04+ grilles are chrome.
There's many more differneces...but i got a vast majority.
'01 XLT disguised as a '03 Fx4 Level II
Big. Loud. Slow. Bright.