The names roll off the tongue like ghosts from another era. Boss 302. Boss 351. 428 CobraJet. Boss 429. And of course, all the Shelby versions, like GT350 and GT500KR. We are referring to Ford Mustangs, of course. Limited edition, maximum performance versions available from 1964 to the early 1970's, when the bottom fell out of the performance car market, thanks to such things as oil embargoes.

In the intervening quarter century, the Mustang has continued on, with comparatively mild V8's. In the context of the '90's, they were fun and evoked memories of past glory. But true performance like the old days? Not from the factory - until now.

Enter the Mustang SVT Cobra. SVT stands for Special Vehicle Team, a small group within Ford given the task of developing performance cars - and reviving Ford's reputation as a purveyor of muscle cars that can hold their own in any performance contest.

In those old days, it was just a matter of horsepower, applied in a straight line. That's still important, of course, but there is now so much more expected of a modern performance car - like handling, braking, driveability, even fuel economy.

The horsepower part has taken a bit of a tumble since those heady days of yore, as 300 horsepower or so seems to be the accepted goal for most hot cars, short of the real exotics. And the Cobra is right there with 305.

But the story is where the ponies come from. The old small block pushrod V8 is gone, as Ford's modular engine has taken over. In the Cobra, it is blessed with all the good stuff that allows seemingly contradictory attributes like power and driveability. Which means double overhead cams, four valves per cylinder, two-stage intake and forged steel crank. Said crank is sourced in Germany, and the block is cast in Italy. This is an expensive engine.

This 4.6 litre unit is a real Jekyll and Hyde performer - smooth and viceless at low rpm, and a real screamer up high. Red line is up around 7,000 rpm, way higher than the old small block could manage in stock form.

Some observers have complained that the new engine isn't as torquey down low, or that it doesn't feel as quick, or even that it doesn't sound as good. Well, as far as I'm concerned, it feels and sounds and goes just fine, a thoroughly modern American musclecar engine. Good enough to push the Cobra to 60 mph (96 kph) in just 5.9 seconds. Backing it up is a transmission new to the Mustang, a five-speed Borg-Warner T45 to be exact, that is designed to withstand the increased power and torque. It feels like a tough unit, as shifts are very firm and positive, with no mushiness. At the back is a limited slip differential, of course, which is needed with all this power, a light back end and no traction control. That technology hasn't made it to the Cobra yet.

The suspension hasn't gained much over the basic Mustang GT - just thicker stabilizer bars, and the same pre-historic solid axle in the back, along with McPherson struts up front - but the round bits at the corners sure have.

The brakes are much larger 13 inch (front) and 11.65 inch (rear) units with twin-piston calipers and ABS that haul the Cobra down from big speed smartly. And the BFG Comp T/A's in 245/45ZR17 size play a big role in how well the Cobra handles, which is pretty well considering the limitations of the suspension.

Inside, the picture is not quite as rosy, as the Cobra is much the same as basic Mustangs. Which is to say that the driver's environment is not optimal for very enthusiastic driving.

Especially if you are long of leg. Six footers or taller will wish that the seat slid back another inch or two. Left foot on the clutch equates to left knee hitting the steering wheel, and the right leg's plight isn't much better. Makes for a lower leg angle not conducive to long range comfort. Nor is the seat itself much better. It's not shaped especially well, especially under the thighs, or firm enough to hold you in place in enthusiastic driving. The seats in our tester were the leather versions, so you slide around more than in the cloth versions.

Back in era of "tape-stripe GT's", the late '70's through mid '80's, Ford saw fit to offer optional seats that had support in all the right places.

Now that they have a true performance car, they ought to again. How about it, Ford?

And one last note on the interior, (which is otherwise well-equipped, especially in the audio department), the relative positions of the throttle and brake pedals need some work, to facilitate an easy, rolling heel-and-toe motion. If you don't know what we are talking about here, never mind.

Back to the exterior, which is fairly standard Mustang, for better or for worse. Except if the Cobra you are driving is sprayed with Mystic paint, as ours was. This $1,000-plus limited option is a new development by the German company BASF, and it is just about any color you care to call it.

Depending on light and angle of viewing, it is purple, dark green, bronze, black, and who knows what else. In one word, it is captivating, judging by all the people walking around the Cobra everywhere I parked it.

A real conversation starter, something unique, and well worth the expense.

So what is the Cobra like to drive? It's fairly civilized for a performance car, actually. Comparisons with Camaro and Firebird are inevitable, and the Cobra is quieter, rides nicer and is less prone to hang the tail out, unless you combine lots of throttle on wet or bumpy surfaces with slow reflexes and driving skills that aren't fully developed.

Generally, it is more likely to gently understeer, and it is therefore easier to drive as the limit is approached. Very civilized.

Has Ford got a winner here? Well, reports from local dealers say they can't get enough of them, so the market has decided. With a little work on the interior, the Cobra would be that much more desirable.

They cost more than the aforementioned competition, but then, when you are fighting a war for the hearts and minds of those into American-style performance cars, you bring your best pieces to the battlefield. And the Cobra is a nice piece, indeed. ;

SPECIFICATIONS