GT500 1/4 times?

So from what I gather, the 1/4 mile time for the GT500 is 12.7 @ 116...
Seems to me that 500 hp should get you closer (or into the 11's). Is it because of traction problems? Or are the numbers underestimated on purpose?
I'm only curious because my last car was a 65 Nova with approx 450 hp and it ran consistant mid 12's at 114 mph. The weight is comparable, the only differences are that I had 225x45x16's, 3:73 gears, (both equal bad traction) and a 700R4 automatic trans.
I don't know, it just seems that 500 hp should yield better times (without having to get drag radials).
 
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The people in magazines generally drive conservatively. They don't powershift, they don't warm up the tires, sometimes they don't turn traction control off, and more often than not they run the cars on regular pavement and not a prepped track. Their numbers are typically not where they should be, which is done for a reason. If all the magazines ran the new Cobra to 12.1 while the average guy who takes his car to the track can't break 13's they are going to end up with quite a few complaints, letters, ect. If they low ball the numbers and people consistently run a tenth of a second faster or so the average driver will think they're the next Evan Smith and be happy and content.
 
My mistake about the weight... looks like the Nova came in just under 3000 lbs... so the GT500 is somewhere around 900 lbs heavier.

I'd like to see the actual times, on a track, and also with a tuner or a little more boost. Do you think they'll still keep the pre-programmed throttle lag or will they git rid of that since the basic idea is all out performance?