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What Ford has done with the Mustang is very impressive - without the Boss 302, we might not have gotten the 1LE and Z28, and the GT350 will yet again force GM to bring its A-game to the segment. This is the way that competition works, and it's great for everyone involved - especially the consumer!
As to the question of what we might see for the next-gen Z28, we shouldn't immediately rule-out the possibility that a new high-output N/A GenV is in the works. GM has never been shy about creating a lot of different flavors from its core engine architectures, and I see no reason why we should think that things will be any different with the latest pushrod V8. It all comes down to the ability to make a business case, and things would certainly be helped if, say, there was a plan to do a lightweight N/A track-focused Vette that could offer an opportunity to share development costs for this hypothetical engine.
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