The most recent issue of Road & Track (November 2006) tells us that the Mustang's refreshening in 2009 will give the pony a little more edge and soften the retro cues. The V6 model will gain the new 3.5-liter that's about to be dropped into every Blue Oval product, which is a good thing. It will develop around 260-280 hp in the Mustang, which means the V6 model will outpower a 2004 Mustang GT. That's called progress, people. The current GT's 4.6-liter V8 will likely grow in displacement and power as well, ending up anywhere in the 350- to 400-hp range. It will need the extra horses underhood in order to keep up with the competition arriving from Dodge and Chevy.
Finally, R&T says that an all-new Mustang will be here in 2012. The basic proportions of the next generation Mustang will remain the same, though the sheetmetal is described as "very angular and swoopy". We could also see the return of a Mustang hatchback in 2012. Finally, R&T is guessing that the platform for the next Mustang will come from the Australian-built Falcon, which means that other derivations could be built like a new four-door sedan (427 Concept, anyone?).