The 94-95's are rated at 240HP, but dyno around 270HP
The 96-98's are rated at 305HP.
Reason stock 99+'s can hang with a stock Cobra despite only having 260HP is because the torque on the 2V comes on sooner than the N/A 4V Cobra. A race between a stock 96-98 Cobra and a stock 99-04 GT 5-spd is a driver's race really with the Cobra holding a slight edge. The Cobra will take to mods better however
the cobra seriously lacks torque. all it takes is 20,000 miles and the secondaries are plugged with sludge. then they lose serious power also.
222 cc intake ports is the reason why. way too big for 4.6l or even 5.4l. they never really make torque. just HP. so a 99+ owns them in a street situation... unless they gear them 4.30 or 4.88 and bolt-on, then they are kinda tough.
Thats what an IMRC delete is for. More hp in the mid and upper ranges and eliminates the sludging up but you do lose some low end torque, but thats why you use a 4.30 gear. However a 4.30 gear and LT's wake up our cars.
Being I have done all the bolt ons and all I plan on going with a KB to solve any low torque issues