Post this question at a Mustang site and you'll get different replies. I'm a fan of the Accord AND Mustang, so I'll have to disagree with some of this thread.
I agree with Cajun. Of course, who wouldn't want the Mustang's V8 (I would), but if you've got budget limits, a family, kids & dogs to feed, kids college to save for, car insurance to pay, etc - the Mustang V6 is both a good engine and not the dog it's accused of being (mostly by people who've never even driven it - I have).
"...the v6 model is WAAAAYYYY under powered..."
Not so - look at these track times (from CR), I can find others, they're similar - the Mustang V6 beats the Accord I4 and nearly matches the Accord V6
Accord I4 AT 9.8 sec (0-60), 17.5@83 (1/4 mile)
Mustang V6 AT 7.5 sec (0-60), 16.0@89 (1/4 mile)
Accord V6 AT 7.4 sec (0-60), 15.8@93 (1/4 mile)
Mustang V8 AT 5.5 sec (0-60), 14.2@100 (1/4 mile)
" ....it is a pathetic joke of a drivetrain...."
While it's not the DOHC with hi-tech variable cylinder cutoff like the Accord, or the newer DOHC Ford 268HP V6, or the V6 jewells from Infiniti, etc - it's an average engine with far above reliability per CR. When I drove it for a week, it had great torque, was a willing engine, average noise, etc.
"... for the equivalent in price, you can get the new Camaro ...."
Not true, the Camaro is more expensive accross the board. Look at Edmunds.com, these are 2010 model pricing...
Mustang V6 coupe, base MSRP range $20,995 - $23,995
Camaro V6 coupe, base MSRP range $22,245 - $26,580
Mustang V8 coupe, base MSRP range $27,995 - $30,995
Camaro V8 couple, base MSRP range $30,245 - $33,430
Plus right now the Camaro is having its "15 minutes of hot car fame" (just like the Boxster, Miata, original Accord, Mini, etc had after their introductions) - meaning, there's no factory incentives, and you'll probably pay MSRP or higher. The Mustang has factory incentives ($500 - $1000) & special financing, so you'll walk out the door with a deal under MSRP.
Try out both the Mustang and Camaro, and look at the REAL pricing you'd get after negotiating with a dealer, and then decide where the better value is. To me, it's the Mustang, but that's just my opinion. Anyway, the old Camaro/Mustang rivaly continues on (hey, it wouldn't be any fun it there wasn't that rivalry :naughty: )