Fortunately, today's Mustang, introduced three years ago, is a superb example of the genre. The Mustang GT comes with a 300-hp V8 and is an absolute hoot to drive, making all the right sounds, hanging onto corners tenaciously, and delivering thrilling acceleration performance. The American pony car has never been better than the current Mustang GT.

The Mustang is available as a coupe or convertible. The Mustang V6 Deluxe is a nice cruiser and its 4.0-liter V6 engine is a solid performer, all for around $20,000. But the Mustang GT is what the Mustang is all about and the basis of the legend.

For 2008, a new Bullitt model joins the herd. Faithfully styled to celebrate the hero car in the famous chase scene starring Steve McQueen, the 2008 Mustang Bullitt is tuned to a higher level than the standard GT. Some media have positioned the Bullitt as nothing more than a hopped up Mustang, but that sells what's going on here a bit short. Rather than simply bolting on some modifications and re-tuning the setup, Ford took the higher road, thoroughly re-engineering and painstakingly massaging the Bullitt to attain its additional performance. In other words, they did it the hard way, the right way. Ford used technology learned from development of the Shelby cars, and the chief engineer for the Mustang says technology gained from the development of the Bullitt will be used in the next-generation Mustang. In any case, the Bullitt is more responsive than the Mustang GT. We found the Bullitt to be superbly balanced, making for a more enjoyable, more sophisticated car to drive on a daily basis, a car that responds beautifully to the driver's whims. Ford plans to build about 7,000 Bullitt models.

For 2008, three Shelby models are available: The 319-hp Shelby GT comes in coupe and convertible form along with the 540-hp Shelby GT500KR coupe. The Shelby GT500 offers near-Corvette performance and we found it easy to drive, and fun for gymkhanas, race tracks or back roads. Its solid rear axle is bouncy on bad pavement, however, and all this comes at a substantial price increase.

For 2008, front side airbags come standard on all Mustangs, and high-intensity discharge headlights and interior ambient lighting are newly available.

While its styling is retro inspired, the Mustang is a thoroughly modern car. Redesigned from a clean sheet of paper for 2005, the current Mustang is fast and agile, more so than any past Mustangs. It delivers the bold styling, rear-drive performance and affordability that have been Mustang hallmarks for decades, but it's smoother and quieter and better built than older models.

The interior looks like a throwback from the '60s, and we think it's really neat. We just wish the interior materials were a wee better. A navigation system is available and it works well.

The Ford Mustang is an American success story. It holds true to an idea that still appeals to people of all ages, decades after the original was launched; 44 years after it created an automotive niche, the Mustang has returned to its roots and it's better than ever.