The rubber boots on the lower ball joints are shredded. I took the truck to a local shop and watched as the mechanic tested all the front suspension components for play. The ball joints were tight and fine. He recommended driving the truck as is but just keeping a watchful eye on the ball joints, testing them every year or so.

That makes sense to me since I don't want to be paying to replace parts that are functioning fine. I know the ball joints will fail faster with the boots gone, but until some play is evident I don't see a reason to replace them. The truck now has a little over 118,000 miles on the clock.

What do you guys think?

 

Ideally, of course, you should replace them.
That said, since you watched him you now know how to do it. I'd check them at least monthly. Once they start to go they will go fast.
If you need to pay someone to check them, get them replaced now.