They never said it was going to be a Cobra. All that has been said was that they will skip 05 production. I think that there will be a GT-500. Look at the concept of the 05 Mustang. It has Shelby lights in the rear, side scoops (upper and lower), and a Shelby looking front end. Plus you got a 500 hp blown 5.4L (although, it was just shown to make more) that will be up for grabs when the new Ford GT's production is stopped in 07. Now, I think that in 06 we will see only a GT-350 (like in 1966) that will have a blown 4.6L or something, then come 07 the GT-500 will come out. This is my .02 though, so do what you please with it.