The Ford Mustang GT convertible is the original pony car, but is it the best?

The cool is back.

The Mustang started the 'pony car' segment with a boom in 1964 and went on to rack up a million units sold in a mere 18 months. It wasn't a "success story," it was a phenomenon. Since that time, the Mustang consistently dominated its competition in sales, and held its own at the stop lights.

Until now.

The Mustang's crosstown adversary, Chevrolet's Camaro, was reborn in 2009. Riding on a wave of new-car buzz, pulse-racing styling and Michael Bay product placement, the Camaro has led the Mustang in sales in recent months. On top of that, the Camaro also offers a 426-horsepower 6.2 liter V8, which left the 2010 Mustang GT in the dust.

That was 2010. This is 2011. What's changed?

After extensive updates to the bodywork, interior, chassis and suspension in 2010, Ford has served up new powertrains for 2011: a 3.7-liter V6 with 305-hp, or, in the one we tested, a 5.0L V8 developing 412-hp and 390 lb-ft of torque. 

The roadholding from the 19" optional wheels and Pirelli P Zero rubber certainly isn't lacking grip, but the suspension is decidedly set up for comfort. I would expect a soft ride in the base model Mustang — not the GT, a model for buyers seeking performance. There's too much body roll and brake dive to be a good match for the 400+ horsepower motor. The Mustang GT convertible is a great car for effortless, comfortable cruising, and that fits well with its top-down character. But buyers ordering the coupe, which uses the same suspension, might be expecting more performance-oriented handling.

The 5.0 motor makes some incredible noises, from burbles and growls at lower RPMs to smooth wail as it approaches redline. But the sound is just a byproduct of the main purpose: Moving you forward really, really quickly. Our tester had the six-speed automatic, and while still quick and responsive, it was a bit lazier than it might have been if I was selecting my own gears. Unlike the muscle cars of yore, tuned for torque and then falling off in the midrange, the 5.0 has a smooth torque curve that pulls harder and harder as the revs build. It's more 'missile' than 'muscle.'

Cutting the roof off of any car can have detrimental effects, and on the Mustang GT convertible, it can't be ignored. Over bumps, uneven pavement, and some cornering situations, it feels a bit like the front, the rear and the windshield are all on different planes, moving just slightly out of sync with each other. It's not quite as stiff as the Camaro convertible but, then again, it weights nearly 400 pounds less.

If the GT isn't easily recognized by it's "proper Pony Car" exhaust note then the huge "5.0" chrome badges on the front fenders should give light racers pause. No complaint here. 

The Mustang was redesigned in 2005 and thoroughly updated last year. The exterior design is mean, muscular and filled with pleasing subtleties that were absent on the earlier 'Stang. Creases and lines meet soft, blistered fenders gracefully and there are no totally-flat surfaces on the body. 

We appreciate that there is far less "look at me!" styling in the Mustang - no fake gills or other embellishments in the body work.

The convertible top is electric and drops in just a few seconds after you undo a pair of conventional latches at the windshield. The Camaro has a single twist-handle design that is much easier to use but the Mustang makes up for it in trunk space.

Mustang's top takes no trunk space when down and the whole rear deck lid opens, making for a totally useful luggage hold, unlike Camaro's tiny trunk.

The interior styling strikes a nice balance between retro and modern, and it feels pretty airy even with the top up. The red brings a great splash of color to the wheel and seats. I think the functionality of the wheel takes a hit for the sake of styling, which is a shame. These retro steering wheels look cool but simply aren't very comfortable. What's the point of a leather-wrapped wheel if the 9-and-3 positions where I put my hands are covered in hard plastic?

Another advantage over the Camaro comes with the Shaker audio system which rocks. It plays plenty loud enough to jam with the top down at 70!

Our Mustang came equipped with a "brick red" leather interior, which looked fantastic and had an impressively high level feel and finish.

The classic gauges are decidedly retro, but well-executed and easy to read. As with many new Ford cars the interior lighting, including the gauges, are lit with color-mixing LEDs and they allow the driver to customize the color scheme. It's a nice touch. 

The interior feels huge, but it's styled nicely. There must be something about the retro exterior design and proportions that makes the dashboards too tall and imposing. The Camaro is worse in this regard, but in the Mustang you still get the sense that the interior shape is a compromise to allow for the exterior shape.

Grabbing the seatbelt is a major annoyance for both driver and passenger. With nothing to support the belt, you have to reach back 12 inches behind your seat in a way that your arm simply doesn't bend. I found myself reaching over my left shoulder with my right arm to get the seatbelt — always on my second try, after I had forgotten and tried with my left. The Camaro has a simple strap with a magnet to solve this and it works brilliantly.

I also noticed water from the air conditioner dripping on my ankle while seated in the passenger seat. I'm sure the a/c was working hard to cool with the top down on a Houston afternoon, but surely that isn't good for a number of reasons.

The Mustang has a sequential tail light feature — if you've seen it, you know. The light moves between each of the three tail light segments in the direction of the turn signal. From a safety standpoint, it's hard to miss and only on the higher-end Mustangs.

The Mustang GT Convertible makes a fine boulevard cruiser, but has enough V8 punch to always keep you grinning. 

If you took my criticisms of the soft suspension to heart, and you want this fantastic motor in a more performance-minded package, Ford has just the Mustang for you. It's called the 2012 Mustang Boss 302 Laguna Seca, and it's a proper track-car intended for a very focused audience. The V8 is upgraded to 440 horsepower, and just about every facet of the car is tweaked and lightened or stiffened.

Racing seats, adjustable shocks, and lightweight forged wheels are just the start. It has aggressive front and rear aerodynamic, and a special "TracKey": A red ignition key that's intended for use on racetracks only, which changes the engine mapping, launch control and heightens the engine response further.

We had a chance to drive the Boss 302 Laguna Seca in May, and although our time with it was short, it left a huge impression. It offers levels of responsiveness and precision never before seen in a Mustang, and that plays a big part in why this is the quickest Mustang ever offered from the factory. The Boss 302 starts at $40,990, and the Boss 302 Laguna Seca, which includes the race seats, aerodynamics and differential costs $47,990.

The 2011 Mustang GT Premium Convertible, as you see here, will set you back just under $45,000. The V6 convertible starts at $27,310 and offers the same looks and top-down experience.

It would be rash to think that the improvements to the 2011 Mustang came as a direct response to the Camaro. Ford made these changes to make the Mustang more polished, more powerful, and a better total package than ever, which is what the Mustang has always been about. It's an excellent all-around package of performance, style, comfort and value that makes it unlike any other car in the world. It's why the Mustang has been the most successful pony car of all time.