The 2010 Ford Mustang will be officially reveled today, but details have slipped out early, and so far, the automotive press is excited.

For the first time in many years, Ford can't afford to phone in the 2010 pony car.  The last time the Mustang was redesigned, for the 2005 model year, it had no true muscle car competition.  But the 2010 'Stang faces off against the Dodge Challenger and Chevy Camaro -- rivals from the 1960's and '70's -- for a dwindling pool of muscle car buyers.

Edmunds Inside Line reports, "From 40 paces, the 2010 Ford Mustang looks a lot like the retro-inflected 'Stang that we've been seeing for about four years now... From 20 paces, though, it's obvious that every panel (apart from the roof) has been changed."  The new car "looks leaner, although it actually gains a few pounds. It looks lower, although it's not. With headlights trimmed in black chrome (at least on the GT model) and a squatter, all-black grille, the look is sinister. Even the pony mounted to the center of the grille is finished in black chrome."

Autoblog adds, "What may be even more important for drivers of the Mustang is an all-new interior that finally dispenses with cheap, hard plastics and looks like it was designed in this century."  The outgoing Mustang was heavily criticized for its cheap cabin materials, but "Those criticisms are completely banished in the 2010 Mustang. All the plastic surfaces on the dash are now soft to the touch and pleasant to look at. Even the trim across the dashboard is aluminum rather than metallic-finished plastic. The same goes for the spokes on the steering wheel. The dual-brow look across the top of the dashboard that dates back to the early Mustangs is now also reflected across the lower edge."  Available brown or even red leather seats dress up the look.

In another nod to its historical forbears, The Mustang News reports, "The tail-lamps will also for the first time feature LED filaments with a classic sequential lighting action." 

Under the hood, not as much has changed.  The same 4.0-liter V6, making 210 horsepower, is offered.  The 4.6-liter V8 of the old car is back in slightly modified form, now making 315 hp - the equivalent of the old Bullitt package.  But Ford says an improved EcoBoost V6 on the way for 2011 will offer V8 power with V6 fuel-efficiency.

The classic design quirk that earns respect from Mustang enthusiasts and exasperated sighs from other car designers is the car's live rear axle.  It's still here.  AutoWeek reports, "if you were expecting Ford to make the leap to an independent rear suspension, forget it--but it does get substantial retuning along the lines of the well-received Bullitt edition. Spring rates increase, and shocks are retuned to make the car better balanced and to reduce body roll and understeer without degrading ride quality."

But what good would a Mustang be if the rear end didn't try to jump ahead of the front when you punched it?

Detroit News columnist Scott Burgess is impressed.  "This new coupe is out of the ball park," he writes.  "Ford took the best of the previous generation and crafted an even finer machine... In a day when people want it all, the 2010 Mustang gives them everything but four doors."  Chief designer Doug Gaffka, heading up the Mustang team for the first time, says that he built this car for the toughest critic he knows.  "His mother is one of the 9 million customers who have owned a Mustang since it first appeared as a 1964 model." Gaffka tells Burgess, "This was a daunting task.  It's the first car I ever rode in as a child, and we knew how important it is."

He's probably understating things a bit.  The 2010 Mustang doesn't just carry a 40-year reputation as an automotive icon.  It's also a significant investment for a company facing the threat of bankruptcy.  MustangBlog notes, "October is now on record as the worst month for Mustang sales ever in its 45 year history as an automobile.  The future of Mustang sales are in limbo until relief in the form of a refreshed 2010 Mustang hits the showroom floor in early spring." 

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