I actually have a 02 GT w/ a Cobra motor swap. This engine is powerful in the whole power band. Pushing 515RWHP 545RWT. It's not stock obviously, but still one of the best engines ever made in my opinion. And the fact it's a Ford. I have drove this car across the nation to many car shows and drag strip. Never broke down.
I've owned mustangs all my life and i've got to tell you although nothing compares to my "65" (mint condition candy apple red white leather all original with 52,000 original miles)the 2003 cobra with the 390!! HP and the supercharger has just about as much Guts as my "87" grand national GNX (not quite but close)and is by far the most exhilerating drive you will ever have DO YOURSELF A FAVOR!!, what an escape from you know who:)(no pun intended) This car eats the 911 and the ZR6 my friends have them and they would tell you the same (with there heads down of course)MUSTANG POWER!!
The car is built very well. The convertible is a little more "bouncy" than that of the Vette's, but the trade off for me was having the back seats for my kids. This is a very fast, fun, safe, family performance car as I like to say. One doesn't realize the true performance until you get the RPM's up around 4500, then the car is a monster. I was a Chevy guy, but for the price the Cobra was a far better buy for me. Over 400 hp for under $35,000, and an open top; find a better deal.
This is a car that has the dependability of a 2000 up model car yet has the power of the late '60's early '70's and then some. Never mine the better gas mileage and comfort from seating to stereo sound. The car is something else and can compare to the more expensive sports cars out there; this is from an old Corvette guy.
I have a 10th Anniversary Edition with the all leather seats and red inserts. (prefer this over the fake suede) With only around $1,500 in mods ( Exhaust, pulley,chip,CAI,shifter) it puts down 450RWHP ~500 at the motor. The stock Goodyear F1's are useless, Drag radials are a must. With Nitto 315 555r's was able to run the 1/4 in 11.89 at 120.1mph with a mediocre 1.89 60ft. This car has some pull, anything below 50mph on street tires is gonna go up in smoke. If your looking for more performance than this slap on a Kenne Bell or Whipple and push over 625rwhp on the stock long block its fully forged to handle up to 700hp.