Wait for a few months to a year. The base GT will crank out 300 horses, per CAR & DRIVER, but the Cobra will clock in a few months into 2005 with 400+. Oh, and did you hear that a certain Carrol Shelby will once again be involved with it? As in, a new GT-500? That was in the current issue of MOTOR TREND.
Oh, yeah, the MACH-1 will return as well, with about 320 horsies, and a new BOSS is also on the boards.
All in all, I'd wait until late '05 to early '06 to decide, after all the editions are out.
There will be no 05 Cobra. The 06 will come out in December of 05 or March of 06.