What the ratings mean for your BOM
The 16 mA per-channel drive is the headline number for a 5V logic buffer. The 3-state outputs let you share a data bus between multiple devices.
No PCN risk for new designs; you can qualify it into a production BOM with confidence. The 74LV series is a mature, stable logic family — TI isn't walking away from it.
The 14-SOIC package (0.154-inch body width, 3.90 mm) is a standard footprint shared by thousands of logic parts.
