I don't know exactly how under rated the '03/'04 Cobra's are, but based on my experience I definitely think most of them are at least 400hp. I don't know about 440-450, but from all I have seen at least 400-410 (on average) is pretty accurate. I don't think all these magazines and aftermarket companies would say these cars are consistantly under rated unless they actually are, I mean everyone who has dynoed an '05/'06 GT has said they are pretty close to 300 crank hp and I haven't seen any say they found one that would consistently pull over 310hp stock. We know that engine isn't underrated. Anyway, a guy I know used to work for SLP doing the tunes for '03/'04 Cobra's, I believe they tested a Cobra engine on an engine dyno. Next time I talk to him I'll ask him about it.