Cons:
99-00 GT's look like V-6 models with the side scoops and lack of hood scoops, but thats not the end of the world.
Dont respond that great to mods.
Mods are more expensive than say a 5.0, but prices ARE coming down.
99-00 still had the crack-prone intake manifold... what a POS...
Pros:
99+ GT's have a more power 4.6 than the 96-98 models.
To me, the body styling is awesome.
T-45 trans if its a 5 speed car. This is good and bad. Not as strong as the T-3650's in the 01 and newer GT's, but my God they have half the troubles the newer tranny's do... they are just harder to find.
These cars are fairly easy to work on.
Good gas mileage if you drive normally.
Fun as hell to drive.
The 4.6's like to rev, and love steep gears. The two mixed together makes for one fun ride.