The SVT Cobra may be the least "exotic" vehicle in this test, but don't let that fool you into thinking this is just some pumped-up Mustang GT. Any vehicle that wears the SVT badge is a force to be reckoned with — even in the company of high-dollar sports cars like the Corvette and Viper, the Cobra was no low-budget pushover.

The 2000 Cobra R that competed in our last American Exotics test was more of a ringer than this year's SVT entrant. Only 300 Cobra Rs were produced (all in 2000), each one stripped of anything that added weight and each employing a dual-overhead cam 5.4-liter V8. You couldn't find one if you tried, and even if you did, the sticker price started at $55,000.

This year's Cobra is a little more mainstream but certainly not any less potent. As John Coletti, chief engineer for SVT, put it, "This is a Cobra R with all the comforts and amenities included." And he's not exaggerating. A supercharged version of the standard 4.6-liter V8 cranks out 390 horsepower and 390 pound-feet of torque. Four-valve aluminum cylinder heads provide additional airflow, while an iron block shores up the bottom end to handle the increased torque. A standard six-speed manual transmission delivers the power via an aluminum driveshaft and 3.55 gears. The suspension received minor upgrades in the form of revised spring rates and upgraded bushings, while the brake system was beefed up with twin-piston Brembo calipers up front and larger rotors all around.

While the Cobra R ditched its radio, air conditioner and backseat to save a few pounds, the '03 Cobra is fully decked out with the latest amenities. There's a Mach 460 stereo system with an in-dash CD changer, a power-adjustable leather and suede driver seat and metal-trimmed pedals. The exterior isn't quite as outlandish as the Cobra R's, but this year's version does have a revised front fascia, reshaped hood and 17-inch cast-aluminum wheels.

Of the three cars in this test, the Cobra is the least compromised on the street. Drive it in everyday traffic and you'll hardly notice the firmer springs and bushings. The clutch is neither excessively stiff nor hard to modulate, and the take-up is progressive enough for lazy launches if you're so inclined. We still can't get used to the awkward shifter throws, though, as no amount of seat repositioning seems to put it within comfortable reach.

The instantaneous thrust of the supercharged engine makes jumping from light to light almost fun, as the rear tires lay tracks with even the gentlest application of the throttle. Gear whine from the blower at full boost can be intrusive, but if you don't like the sound then this isn't the car for you anyway. When the supercharger isn't packing full boost, interior noise is actually quite low — measuring the lowest out of the three cars at idle, cruise and full throttle, according to our sound meter.

The SVT touch is hard to miss, as the gauges, seats, shifter and pedals all sport some kind of aesthetic enhancement. As sharp as the new detailing looks, however, the Cobra is still a Mustang at heart; this means lots of cheap gray plastic panels and build quality that's noticeably average. None of the cars in this group had particularly impressive interiors, though, so the Cobra's lack of cabin refinement wasn't a major setback.

As expected, performance testing unleashed an entirely different beast. Rarely have we driven a Mustang on the track that wasn't easy to maneuver, predictable and just plain fun to toss around. The Cobra was certainly no exception, as it took advantage of the wide-open straightaways to show off the added muscle of its supercharged drivetrain. The independent rear suspension adds yet another level of improvement to the Cobra, one that immediately becomes apparent the first time you push it hard through a high G sweeper.

With horsepower and torque numbers just shy of the Corvette's, we expected this to be the quickest Mustang to date, but when we ran the numbers, we were never able to find the kind of speed we expected. Straight-line performance was a little disappointing, as the Cobra barely dipped into the mid-13s in the quarter-mile and only managed mid-5s to 60 mph. Not exactly nipping at the heels of the Corvette - must be the extra 547 pounds it was lugging around. Both times are considerably slower than the stats we managed in the Cobra R, but comparing two different cars two years apart isn't exactly apples to apples (the Cobra R was also 75 pounds lighter).

On the road course, the Cobra exhibited the kind of playful handling we expected from a supercharged pony car. The flat torque curve of the blown V8 serves up tire-spinning power no matter where the tach needle happens to be, allowing for strong exits on even the slowest of turns. Body roll is noticeable when the Gs build, but the 29mm tubular roll bar (up 1mm over previous models), combined with the 17-inch 275/40 Eagle F1 tires, manages to keep the Cobra planted as long as you stay off the accelerator. With 57 percent of the weight up front, the car naturally understeers but dipping into the throttle will coax the tail around neatly to properly line up a corner.

Steering feel is the Cobra's major shortcoming. Wringing the lifeless wheel through the turns is like stirring cookie dough compared to the Viper and the 'Vette. Any information regarding the status of the tires and suspension is a guess at best, although there's a certain kind of fun in the ignorance. We also found fault with the vague shifter as it can feel a bit rubbery when running hard. Whether this is because of its awkward placement or just the mechanism itself wasn't apparent, but given the fact that the Cobra uses the exact same gearbox as the other two cars, we expected more precise action.

It seems a little pompous to dismiss the Cobra for posting mid-13s and showing a bit of sloppiness on the track. After all it's a $34,000 muscle car, not a six-digit dream machine. The Cobra's biggest problem in this test was that it ran next to a supremely talented Corvette and a Viper with an engine so big it can't possibly look bad.

That concession aside, the SVT Cobra represents one of the best values on the market in terms of bang for the buck. Where else can you get anywhere near 400 horsepower for less than $35K? Sure, the interior is all plastic and mouse fur and the steering feels like it was swiped from a Kia, but if speed on the cheap side is what you desire, this Cobra is king.