I guess it depends on whether you are a raw horsepower guy or not. Pure horsepower guys, that care about nothing but 1/4 times, go with the most cost effective solution. For drags it's gonna be an SN95 of some sort, with mods, or perhaps a heavily modded Fox. On the other hand, if you care about ride quality, the general "sorting" of the car, torsional rigidity, weight balance, under/oversteer, interior ergonomics (shifter placement anyone?), any number of uncountable improvments, you are looking at an '05. Hell, the live axle on the '05 handles as well as the afterthought IRS on the Cobra. You get your straight line AND your twisties. And most importantly, looks. The '05 is a Mustang, inheriting the style of what is unquestionably the defining style of the marque. Before I became a part of the Mustang fraternity, I never even noticed the SN's everywhere. They are so close to your average import in looks. Face it, the SN95 isn't too many steps away from a Civic. Bubbly, overly round styling like every other moderately priced import out there, generic interior and so forth. In my town there are hundreds of them, most driven by women. Having said all that, now that I am an '05 owner and gotten caught up in the Mustang magic, I've changed my outlook. The earlier Fox and SN's are fantastic power for the price any way you slice it, with so many good aftermarket mods available. I look at every SN95 I see on the road, hoping for a Cobra or SVT logo...but it's SO very rare.