Airman, I have complained about the same thing since driving the car off the lot in June. If you listen closely, I bet it is much worse from right behind the passenger side front wheel well, right?
It can sometimes sound bad from the driver's side too, but only because it is reverberating under the car. Sounds like a cross between a tick and a chirp. Almost a "sht, sht, sht" sound like a really old drive belt. It only comes when the car is warm. Wait until summer -- it is much worse when the car is really hot. Also makes the car sound like a turd when up against a wall, like in the garage or in a drive-thru. It's actually much harder to hear with the hood up.
At first, Ford called it a "normal operating characteristic." After it got worse, they tried a couple of things, to include re-torquing the cam caps. Nothing seemed to work. It has no effect on performance, just makes the car sound crappy.