I've posted elsewhere on the 5.3 motor. I've driven chevs all my life, started with a '76 with a 305, an '89, a 91, a '94, a '95, a '96, a '97 all with the 5.7 (350), a '99, an '01 with the 5.3, and an '02 with the 5.3 and currently an '02 with the 6.0.
That being said, the '97 Tahoe with the 5.7 was an awesome rig! It was fast and towed very well (4.10 gears). I'd have to say that was my favorite to drive. My parents have an '02 Tahoe with the 5.3. It is very similar to the '97. Obviously, the '02 is a bit larger (4-door vs. the 2-door) but the '02 has 3.73 gears and is a little sluggish off the line when towing, but the mid to upper RPM range is great. The 5.3 has a broader RPM range than the 5.7s had, hence the horsepowere & torque ratings at higher RPMs than the 5.7.
So, personally, I think the 5.3 is a good motor. Better than the 5.7? Not sure on that, but very close...IMO