The Mustang remains one of the most widely recognized, respected, and desired nameplates in the automobile business. The Ford Mustang defined the pony-car segment in 1964; Plymouth's Barracuda may have beaten Ford to the showroom by 16 days, but it was the Mustang that set the sales records. The 'Cuda is gone now, and so are the Camaro, Firebird, Cougar, Javelin, Challenger, and every other would-be rival, leaving Ford's pony to prance alone. At least for now.

For 2007, the 210-hp Mustang V6 and 300-hp Mustang GT are joined by the new 500-hp supercharged Shelby GT500, offering its own look, tuning, and equipment.

Available in fastback coupe or convertible body styles, the Mustang V6 models make nice, stylish cruisers. The GT is an absolute hoot to drive, making all the right sounds, hanging onto corners tenaciously, and delivering thrilling acceleration performance. The Shelby GT500 adds to the fun with its near-Corvette performance. It's quite tossable, making for good sport on gymkhanas, race tracks or back roads. Its solid rear axle can get bouncy on bad pavement, and you'll want snow tires (four of them) for Northeastern or Midwestern winters.

It may be retro inspired, but the Mustang is a thoroughly modern car. Redesigned from a clean sheet of paper for 2005, today's Mustang is faster and more agile than ever. 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.

Its interior looks like a throwback from the '60s, but it's functional and well finished. Granted, interior space is limited, especially given its exterior dimensions; and the back seat might better be described as a package shelf.

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. Forty-three years after it created an automotive niche all its own, Mustang is both true to its roots and better than ever.