I've got a 2010 MKS ecoboost with the band type TPMS sensors.  My year's model doesn't come with the valve stem type sensors.  Thinking about ordering some winter wheels and tires and not sure if I want to spend the $200+ on sensors and having them reprogrammed every time i swap in and out tires for the seasons.   I get they're a federal law and everything to have installed, but whatever.  I can check my own air pressure and I do regularly.  I can deal with a low tire pressure light for 3 or 4 months out of the year.  No big deal to me.

My question is, is there anything else I have to worry about without the sensors installed?  Does the TPMS warning activate or deactivate anything else like the AWD system or traction control if on?  Looked over the owner's manual and it has no mention of it deactivating anything.  Just says the light blinks for a few seconds when on and turns to solid illumination.   

I was actually doing some reading about this yesterday as I'm having issues with my tpms sensors lately.
My sensor light came on yesterday while I was driving and it did not affect drivability or throw any other lights on the dashboard. Just as you said it blinked for about 60 seconds then went solid.
They are not tied into or affect any other systems.
I read another forum that somebody actually connected there sensors to a piece of PVC pipe. Then charged the pipe with 40 psi and then threw it in there glove box to trick the car.
I believe others here have removed their TPMS sensors for winter tires without issues.

That's actually not a bad idea with the PVC pipe.  My only issue with something like that is having to go back and forth with ford or whoever can program these sensors before and after every winter season.  Seems like a real PIA that I don't want to bother with to avoid a little light on my dash.

Another kind of related question is about wheels.  17" wheels with snows shouldn't be an issue clearing the calipers, right?  I know they won't with PP SHO's, but I'd think it should be fine with a MKS.  The spare in the trunk is 17".

17" should be fine for your MKS.

I switch between my winter wheels and 20" wheels, which both have TPMS sensors, and I don't have to do any programming.  That PVC pipe trick sounds intriguing.

When I switched to my winter setup I did program the new tpms sensors to my car. And once I switched back to summer tires in May, I thought that I would need to do it again, but the tpms light did not come on, I did not need to reset back the tpms sensors for the summer tires.

Theories that crossed my mind, OEM Ford tpms sensors and the PCM does not require reset. Every day I park next to the winter setup in the garage, and the PCM registers the tpms sensors. Or the ecm is capable of storing different set of tpms sensors.

By the way, the winter setup, 18 inch, is for sale. 

Kind of digging this PVC pipe idea.  It's all over car forums.  Seems like a lot of people are doing it and it works.  If the light or flashing gets too annoying, I may have to give this a shot.

Since I have the band type sensors for my car, do I have to get those or can I just get something like this off ebay for cheap?  My car is listed as compatible.

http://www.ebay.com/itm/SET-OF-4-TPMS-Tire-Air-Pressure-Monitor-System-Sensor-Orange-Electronic-LE6L2T-/161496802111?fits=Year%3A2010%7CMake%3ALincoln%7CModel%3AMKS&hash=item2599f5a33f:g:ILoAAOSwofxUfgBR&vxp=mtr

And any tire shop should be able program these things?

I've never had to reset my sensors either, they reset everytime I park in the garage next to the original wheels.....I've even had on more then a few occasions my sensors reset when I parked next to a new ford f150 at work ..I thought It was a fluke but it happened numerous times