I haven't heard anything yet. I am in the same boat as you. Found a dealer that has about 10 04s on their lot and the best offer they gave me was $34,500. I paid less than that for my 03 HD brand new. I figure when the 05s start hitting the lots and they still have these Cobras sitting, they will then start trying to get rid of them.
According to the Ford SVT site they are offering $1,500 rebates on leftover '03s, didn't see anything about '04s but I think they will deal because of the '05 also.
if i can get an 04 on the cheap ill do it. my worst fear is being knee deep in a 60 month note and the 06 coming out and slapping the world around
then again, if the rumors of the end of the Mustang Cobra are true, this may be the last chance to get one of these beasts. the 03/04 in my opinion will hold its place in mustang lore along side the Boss mustangs. and had i been alive during that era, i wouldve wanted a Boss.
The 04' production has already been completed, so there are only going to last so long. I don't forsee any huge rebates on the 04's coming soon being that most dealers did not get a big allocation. Last year there were huge rebates because of a large production #, and weary buyers due to the tick, but now at the dealership I work at they are selling before they even arive at the dealership.