What an incredible comparison, an old school raw, iconic car, the Shelby 427 Cobra with over 500 HP that has to be one of the baddest muscle cars in history and one of my favorites next to a Chevrolet Corvette vs. a new generation 2011 Shelby GT500 Super Snake with over 750 HP and the results should surprise you in some ways, but not in others.
Personally if I was able to choose between the two, I, even though I'm a new school type person, I would choose the iconic Shelby 427 Cobra. The reasons are simple, theres nothing like a Shelby Cobra, the raw horsepower, the look and its as close to a race car as I would want to get. There is no extras on this car, its just what you need to go fast, two left and right, set fast lap and stop on a dime.
And believe it or not and I know that several car guys will have an issue with this, but I don't find the 2011 Ford Mustang to be a good looking car. The changes from the 2005 generation are enough to where the car boarders on unattractive to me. Sorry, the styling just isn't there from the crushed front to the expanded rear. Now I should mention that I do like the styling of the 2005, but I would still choose a Cobra hands down.
Source: YouTube with a hat tip to Autoblog.com