Picked up my Kona Blue '12 Mustang a month ago. My car is a base unit with the only options being the sport appearance package and the backup sensor/security package, both of which I highly recommend getting.
The V6 is smooth and has good power, although low end torque is nonexistent. The manual trans is mediocre. Clutching is effortless and easy to modulate, but 1-2 shifts can be tricky and I've missed a couple during aggressive acceleration. My car grinds and clunks sometimes during even lazy 1-2 shifts. dealer says it's normal, along with a bunch of other clunks and whines this trans makes. I hope it holds together for a long time, as this is my 10th and definitely best Mustang for sure!
Engine, clutch feel, GREAT BRAKES (from the 2010 GT), comfy seats, base radio is really good, electric steering and suspension are euro-taut and precise, Lincoln-like highway ride, 20 mpg in mixed (spirited) driving, looks great, I can see people in my rear view mirror pointing at the sequential turn signals while I wait at lights, true dual stainless exhaust even on the lil' V6 and sounds great, base aluminum rims are attractive and wrapped in quality BFG Radial T/A rubber, cruise control works great, very high quality feel to the interior.
Clunky, chunky, strange shifting noises on the Chinese-built manual trans, performance-robbing 2.73 rear gear ratio on most V6s (I'll be changing this to a 3.55 soon, forget the warranty), fragile and easily scratched paint, armrests are awful and too low, if you have anything in the cup holders it's hard to shift the car, few places to store things inside, iPod aux jack is located inside the rear of the console and impossible to get to while driving, every time you load a kid into the back seat you have to totally reset the front seats, weak A/C (was low on Freon from day one, dealer would not fix, so I did) better now but still mediocre.