It was early and damp when we pulled onto the freeway away from the airport, and we made the Mustang fishtail on the on-ramp, just to get started with a smile. The point is, it can.

On the freeway, the firm suspension transmitted the undulations, and later on a different surface we could feel side-to-side jouncing, but the unsteadiness was relatively benign, especially considering how happy the car made us.

With the top down, the engine sounds so good, so deep and thunderous, it might be the most enjoyable thing about the car. With the Camaro/Firebird gone, they just don't make them like this any more. With a lot of high-performance cars, you have to be going fast to feel the joy, but with the Mustang, even 2000 rpm is fun. Such a broad range of enjoyment adds to the already high value of the car.

Mustang GT's 4.6-liter overhead-cam modular V8 is rated at 260 horsepower at 5250 rpm and 302 pounds-feet of torque at 4000 rpm.

In first or second gear, upshifting at a modest 4000 rpm, the motor feels and sounds very satisfying. In fifth gear, 2000 rpm is 75 mph, and the engine doesn't loaf at that speed, it rumbles. No engine we can think of sounds and feels like it's doing more at such low rpm. Not working hard, just doing more.

The torque provides steady, smooth acceleration, and the throttle response to blips is wonderful, with an easy heel-and-toe pedal position. The only small problem was throttle control at 5 mph in parking lots, as it tended to snatch.

The gearbox gets very high marks. Because the top speed in second gear is 70 mph, most corners are second or third gear, so you find yourself downshifting a lot. You can drop hard into second, with a beautiful racy blip, and it's great stuff, smooth and solid, inspiring confidence. The GT's leather gearshift knob has the perfect shape for a firm grip.

In corners, the Mustang likes to be muscled, but it doesn't have to be. It's brutish, but still goes where you point it without a struggle.

Our route was along Southern California's twisty Ortega Highway, east from Capistrano to Lake Elsinore, a classic sports car drive with enough of a mountain to climb that we used the brakes a lot. No problems with fade when driving at an aggressive pace, using the brakes frequently.

The whole drive was so much fun, that we did it a second time that night, under the stars. Under the sun or stars, it doesn't get any better than this.

The Bosch traction control system works at all speeds: Whenever wheelspin is detected, the system retards ignition timing, cuts fuel flow, and activates the brakes at one or both drive wheels, in that order. The driver can turn the system off with a console switch.

The Cobra offers acceleration on a par with cars costing twice as much, with 0-60 times in less than 5 seconds flat, a maneuver you can do at every stoplight. The new suspension and tires offer incredibly good grip when cornering hard, without side-stepping and chatter. The car completely involves the driver, every day, on every road.

The Cobra's 4.6-liter, dohc modular V8 is equipped with an Eaton supercharger providing 8 pounds of boost, plus an intercooler to keep things cool, and it is tuned very differently from the regular Mustang GT engine. It produces 390 horsepower at 6000 rpm, with 390 pounds-feet of torque at 3500 rpm. That's about 22 percent more power than the GT, quick and fast car. The Cobra's engine uses a cast-iron block for long-term durability, with new pistons and connecting rods to cope with the superchager boost, and uses an aluminum flywheel and driveshaft to offset some of the weight of the iron block.

The Cobra carries a completely retuned suspension system that lets the car handle and corner at even higher limits, with more confidence, than ever before. It carries premium Bilstein shocks absorbers front and rear, stiffer front springs to cope with the added front-end weight, and a stiffer front anti-roll bar. Rear brake material has been upgraded to match the massive front brakes' stopping power, and there's an additional chassis brace at the rear to handle the increased power. All Mustang Cobras have the Tremec 6-speed manual transmission and clutch assembly that provides improved shift quality. An 11-inch flywheel and clutch assembly are used to increase torque capacity and reduce clutch pedal effort.

The SVT brakes seem able to take all the street punishment a driver can dish out and keep coming back for more. The Cobra's special braking system was engineered, with aluminum twin-piston front calipers to reduce unsprung weight. The calipers contribute to greatly improved brake pedal feel, while the master cylinder improves not only modulation but also the ratio of brake pedal travel to braking action. Anti-lock braking, like traction control, is standard on the Cobra. These are the best brakes the Mustang has ever had.

Mustang's V6 and V8 engines are flexible. For 2003, V6 and V8 engines are more refined with stiffer accessory drive brackets and improved bearings.

For 2003, the Mustang suspension has been retuned. New shock absorbers, new urethane jounce bumpers offer more progressive engagement, and a pinion snubber on top of the rear axle reduces the amount of axle travel to improve ride quality.