More is at work here than just an increase in displacement from 4.6 to 5.0. The new "Coyote" 5.0-liter features free-flowing aluminum heads, four valves per cylinder, an 11.0:1 compression ratio, and double overhead cams with Ti-VCT, or twin independent variable camshaft timing. The Ti-VCT technology helps deliver more of the 5.0's 390 lb.-ft. of torque at low r.p.m., contributing to the right now throttle response. The engine is strengthened for performance duty with cross-bolted main caps, thicker main bearing bulkheads, and a deep sump oil pan.

Our test car had the six-speed manual transmission. It has tightly spaced ratios, which on the street means the engine carries a lot of r.p.m. while cruising near highway speeds in, say, fourth gear. You hit a 1.00 ratio coming in fifth gear, and then a big drop to a 0.65 ratio when you move the shifter into sixth. The 5.0's torque gives you plenty of flexibility if you'd rather loaf on the shifting. Yet the way the ratios are spaced encourages you to keep rowing the shifter in pursuit of that perfect sweet spot.

While you're working that shifter, you'll notice that one of the Mustang's traditional advantages over its domestic rivals remains intact: a lighter curb weight. The new 5.0-liter uses aluminum block and heads and a composite intake manifold, so all that torquey goodness does not exact a weight penalty. The Mustang GT weighs 200-400 pounds less than its rivals, and you can feel that difference when you toss the car around corners.

Much has been written about last year's upgrade in the quality perception of the Mustang's interior. I second those reports, at least on the Premium model. Rather than the dull monochrome look of years past, the Mustang now features contrasting textures and materials that look, and feel, much richer. I had a convertible V6 Mustang, also a Premium model, right after my turn with the GT coupe, and the additional soundproofing was evident. From the muffled sound level to the quality appearance of the top materials, the convertible Mustang is a very civilized ride.

Of course, there's a price to pay for all this--and I mean that in the literal sense. With a base price of $32,845 and a total MSRP of $38,365, the test Mustang GT Coupe Premium shows that Ford has surrendered the Mustang's traditional price advantage over its rivals. With its more basic spec sheet in years past, the Mustang GT once offered a clear price break. The 2011 model is priced almost to the dollar against the Challenger R/T and Camaro SS.

You are unquestionably getting more for the money, however. My track opportunity was rained out, but most magazine road tests have the 2011 Mustang GT clocking low 13-second and even high 12-second ETs. That's as fast as the supercharged 2007 SVT Shelby GT500 was running when it made its debut four summers ago. A stock Mustang GT that will knock on the 12-second door in the quarter mile is surely one of the all-time performance bargains. Welcome back, 5.0.