I disagree with the idea that Ford is putting in this effort to 'appeal' to the European market, but rather to simply 'be able' to sell their with their DOT safety and emissions laws. When I hear from YerBuddy and the other guys over there with their personal Mustangs they don't seem to complain about their popularity.
There's a big difference between admiring something and actually spending your money on it. For example, after spending some time behind the wheel of a Mini Cooper S this past summer at an autocross, I have a new found respect for the car. But I'd never buy one because the interior design is absolutely terrible. I think many Europeans admire the Mustang, but its impractical for many, both in physical size, engine displacement, emissions, fuel economy, and cost. Plus, if you look at most european designs, they are vastly different than what the mustang brings to the table. It's a rough and tumble kind of car. If most Europeans wanted that sort of vehicle, they would sell in much greater numbers than they do.
Not everyone in europe loves the mustang enough to actually want to buy one. Ford's task with the next mustang is to make the mustang more palatable to the European audience---or at least that's what we've been lead to believe. If they can get the car down to something more along the size of a Fox body mustang, along with the excellent motors that Ford is producing currently, and an IRS, I think they could produce something with more universal appeal.