It's getting time to get a new Mustang and I have to admit it's a tough choice. The Mach-1 appears to have a very nice, and underrated engine. The horsepower claim is 305 but is possibly higher. It is 4 valves per cylinder. However, the new 2005 GT is supposed to be 300hp but is a single cam with 3 valves per cylinder. It appears that the new 2005 engine is a "lesser" engine than the pseudo-Cobra engine now in the Mach-1. Also, the price of the GT is up about 12% over the 2004 GT. Also, it's possible they (Ford) will release more higher performance models after the introduction of the 2005 GT. Tough choices to be sure.
-Rich