Ok so a couple of you guys asked me to give a little comparrison between the two cars as I recently traded the Mustang for the Camaro. I am going to keep this sweet short and to the point.
Price: The Mustang is cheaper. I got my 5.0 for 35ish which included everything but the glass roof/brembos/navigation. I got my 1le for 37ish and it is the 1ss with npp/rs. If you were to option out both cars equally the Mustang will always be cheaper.
Gas Mileage: The Mustang gets better gas mileage. Not much more to say here.
Straight Line Power: I do not have any data to back up the 1le performance as of yet however the Mustang "felt" quicker and snappier. However feelings should be left for your wife or girfriend
. Once I get some track data I will report back. My Mustang went 12.64 @ 111.9 bone stock, full weight.
Handeling: There is no contest here. The 1le destorys the Mustang in every regard here. The tires are better, the suspension actually controls the car. The mustang was "floaty" and liked to wander around and step out at low limits. It was fun, but at the same time you always went into a turn with a quick turn in and then in the back of my head I wondered what will happen next. There was no point and shoot in that car, it was more like point and pray/react. The ride for casual Sunday strolls was better in the Mustang. It was softer, the 1le is a very stiff/solid car compared to 5.0.
Driveline: Overall I am giving the edge to the 1le here. Alhough the Mustang feels quicker, it also clunked, popped, wheel hopped, and did some wierd things. The 1le has more initial tq and feels smoother through the revs (this might be why it feels slower). There is no slop, no hop, no wierd clunks or pops. However the 1le has clutch chatter like crazy compared to the Mustang. When I first got the car and pulled out I pulled over and checked the oil because I though it was low based on chattering/spinning noises I heard at low rpm. It all seems to go away around 3k, however thats when the exhaust takes over and the car sounds glorious. The clutch on the Mustang felt better as well. The 1le clutch is VERY soft and catches very HIGH. The transmission in the Mustang felt smoother, with shorter/closer throws. My 1le tranny is stiffer and you can feel each gear going through the syncro. In the mustang the gears just poped/fell in with no effort.
Fit and Finish: I don't think there could be a clear winner here as it is based on opinoin. Both cars have plastic, both cars are American. The body panels line up, the interiors are both "Eh' imo. If I had to pic a winner here I would lean towards the camaro only because of the MyLink screen. If MyLink wasnt avaiable I would lean towards the Mustang.
Looks: Once again, personally opinion, but the 1le loooks more agressive, some people like that others don't want the added attention. I am 30 years old and the kid inside me giggles everytime I drive it and look at it. However I am glad this is not my daily driver as I would never take this car to a business meeting or any type of "serious" gathering. It is a little to "hey look at me" if you know what I mean.
Overall: If you are looking for a daily driver, the mustang is the way to go. If you are looking for a straight line car, the mustang is the way to go, but be prepared to spend some serious money after your basic bolt ons. I ended up going mid 11s at 120-122 with very basic bolts on the factory tires. If you are looking for a weekend toy, road course/autox type car, the 1le is by far the better choice.
For me this car will not be a daily driver, it will be a weekend car with occasional track use. Not real serious plans for it, just going to enjoy it and modify later down the road.