Yet the Mustang follows modern trends by offering ever-larger wheels, including two distinct 18-inch wheel designs for the GT. So trimmed, the Mustang looks more aggressively handsome than ever, and much like the concept cars that grabbed everyone's attention at the 2004 North American International Auto Show.

And while the Mustang's retro-inspired look pleases the eyes, there's a lot of updated technology you don't see, starting with an aluminum hood to trim weight. The modern Mustang is based on the same mechanical platform as the Jaguar S-Type, albeit with some cost-trimming measures such as its live-axle rear suspension.

Relative to previous Mustangs, everything under the car has been substantially upgraded. The brakes are bigger by nearly 20 percent. A completely new front and rear suspension yields a much quieter, smoother ride as well as much more precise steering during hard cornering. New engines deliver performance with efficiency. Optional antilock brakes bundled with traction control give any a fighting chance in bad situations.

All Mustang engines are secured to the body with hydraulic mounts, which absorb and counteract vibration and pulsing. By adapting ideas and components from luxury cars, Ford has given the current Mustang a level of sophistication its predecessors never had. Yet the Mustang heritage of low-cost performance and flashy styling has not been compromised one iota.

Like its muscle-era namesake, the Shelby GT500 stands out with a unique front grille and bumper fascia, providing both a functionally larger and unimpeded air intake, while reducing air flow under the body. A unique engine hood with dual air-extraction slits is domed to clear the larger, 5.4-liter engine. Around back a vintage-style duck-tail spoiler on the decklid and a series of four strakes under the rear fascia contribute to air management (or at least the appearance of it). Carroll Shelby's signature striking-Cobra emblem glowers from the gas cap and from a characteristically off-center position in the grille. The whole package rides on unique 18-inch rims sporting Ford's SVT (Special Vehicle Team) logo. Just as in 1968, coupes are topped by Le Mans-style racing stripes. They look terrific, though we're not sure they should carry down onto the rear bumper where they compete with the rear license plate.

Shelby convertibles feature a premium fabric for the top.