The description fits perfectly. It is dogbone shaped, and is mounted thru two rubber bushings.
My daughter found it to be hanging loose yesterday. One of the two flat washers had rotted away and the bolt fell thru the bushing. A little work, and I had the washer replaced and the "dogbone" back in place.....but not after a whole lotta thought into contemplating removing it entirely. Afterall, less weight should equal better performance. But then, Ford would not have put this extra item on the car if they didn't think it was necessary. Certainly isn't a safety item.
Great guesses so far for its purpose. Now if a definative response were to be posted, we'd all be happy.
For now, mine has been re-installed.