I'm glad it's not as far from the current design as the early speculations showed the direction was going.
The nose looks great, all things considered. I do think they could've done a little better job with the headlights to preserve the current 'look' a bit more (rather than go as far in the 'Japanamation' direction).
The rear end, however... I'm not as much of a fan. The tail light strips should be verticle in orientation - it's a Mustang styling cue that should be adhered to (much like the dual sets of round tail lights on Corvettes). Again, too much 'Japanamation' influence, IMHO.
I'm not a fan of the quarter window treatment, either. Looks too '370Z' to me - should've just stuck with a small Shelby-style window (like the current model), or made it look more '69-'73 style, again to maintain the Mustang styling cue motiff.
Otherwise, it looks pretty cool. I think it would be top 3 on my list if I were thinking about buying a new car.
now that I look at it from a different angle, I think it looks better than I thought originally.
The top picture is definitely a [well done] Photoshopped image, and I suspect the bottom has had some work done to it as well.
That's the problem with 'leaked' design scoops by the automotive rags - you never know what you're going to get until the model is actually released because of 'concept cars' being displayed at SEMA and other auto shows.