Pretty quick, but a little weak for a V-8, but I just did a PI head swap to remedy that. It gets good gas mileage for a V-8. I took a 4 hour trip and only burned a half-tank. With the exception of the stock intake cracking, it's been very reliable. For it's time, the interior is pretty well-done, hence the reason it didn't really change again until the new '05 model. Overall, fun car to drive, and TONS of potential for modding.
TRUE dual exhaust. Awesome sound. Fun to drive and spin the tires. Interior ergonomics and space for me (I'm 6'2"). Awesome car!
More power (already done). Better stock shifter, but just buy an MGW shifter, and it makes it twice as fun to drive. PLEASE lower these Mustangs more, Ford. They look like 4x4's from the factory. Also, the wimpy 3.27 gears. They should've been at least 3.73's, but that's easily remedied as well.