I agree that the S197 has some nice touches in stock form that make it a bit better than a New Edge GT. However, when I was driving an '09 GT, I thought that it handled sluggishly, and you could really feel the weight, BUT, again, that was a stock, off the shelf GT. I was used to driving my '01 Bullitt with Konis and Vogtlands, subframe connectors, lower control arms, etc, and it's been so long since I've driven a stock New Edge GT, but I still remember them being pigs as well in the handling department. The Bullitt/Mach 1 suspension is so much better from the factory than the GT, it's rediculous. Then add on some aftermarket goodies, and it's awesome. I'm sure that the '05+ would react the same way, and I'm still waiting to drive a stock 08-09 Bullitt to see if the changes between the GT and Bullitt suspension-wise were just as dramatic as the 2001 GT and Bullitt are.
The interior of the S197 is much better than a standard SN95, but I still give the edge to the '01 Bullitt, and 03-04 Mach 1's for having the best seats ever put in a Mustang. They are leaps and bounds above any of the SN95 GT or S197 GT seats. Again, haven't gotten to sit in a S197 Bullitt yet.
I think what it all comes down to is what you like and personal opinion, and we know what they say about opinions.:yup:
To be honest, I wouldn't buy a 2001 GT. I would buy a Mach 1 or Cobra however. I bought the Bullitt, because it was a special edition, 1 year production run (yeah, we were lied to). I hated my '99 GT in the handling and interior department when it was stock, and the Bullitt corrected all those deficiencies, so I was hooked. Not the fastest girl at the ball, but she normally gets more attention, just because she's rare around here.