From what I've heard, they do make only 270hp at the crank, but I've also heard that they have a lot more torque than the standard SOHC 4.6 and will kill a regular GT off the line.
As for whoever said $35K, where are you getting that figure? I believe the Bullitt option package is $3695, so unless there is almost $10K mark up it should nowhere near that.
The car also has better brakes, different springs, sweet interior, etc. So with all that plus the engine and exhaust mods, I don't think the price is bad at all.
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