Ok, there has been some fact and fiction in this thread and I would like to clear everything up so you can make the correct choice on what you want to buy.
1. Wheel Diameter: As has been said previously, the larger wheels are typically heavier and in being such are a larger rotational mass to get moving--- this hurts performance. However, many A/M wheels depending on how much bigger you go are actually lighter than the stockers. With the rim diameter and tire diameter being larger you will feel a loss in off the line acceleration because you are changing the gear ratio. It would be the same concept as if you had 4:10's in the rear and went down to a 3:73 type feeling because you are reducing mechanical torque multiplication with the larger diameter.
2. Wheel Width: THE WIDER THE BETTER! unless you are going for gas milage, the fatter the meat, the better the traction... period. You will not see any hinder to handling, the only negative that can be seen is that if you have a lot more grip in the rear than the front then you may see a gain in understeer which tends to be an issue on the 05+ mustangs.
3. Tire Sidewall: The lower the profile, the less deflection and roll of the tire under cornering<--- This is a good thing. You will definatley see a ride qulaity loss with the lower profile tires depeding on how low you go. But one thing that I do know is that Ford went with tall tires to comply with the NVH constraints.
4. Tire Compound: It was said above, and I agree 100% that tires are the biggest factor without any doubt. If you go from a factory all-season to a Max Performance Summer tire, you will feel as though you bought a new car. Add that to a slightly wider and lower profile and you will be extremely happy with the performance gain. And if you go with a softer (stickier) compound then they will hook up better and you will probably see increased 0-60ft times in the 1/4 mile, especially if you are upgrading from stock, even if you increase wheel diameter.
I am and Engineer and I can back up everyone one of these statements with books if you dont beleive me. I am not trying to be a A-hole or saying that everyone else is wrong, i just want to put it all together as clearly as possible for everyone.