I am not a Cobra owner, but know someone who has a 99 Cobra convertible. He had the fix done and is extremely happy with his car and seems to run it pretty hard. There are some guys on this board who also seem to be happy with their cars.
The problems with the Cobra go beyond the intake and exhaust. I've read (MM&FF) that the pistons in the Cobra are weak. The IRS is a weak unit, particularly the half shafts, which on some cars have broke (at the track). The straight line stability is also a problem for some reason. I know that someone here has swapped out their IRS for a solid rear.
I guess it all depends how you will use the car. Will it see a lot of track time or will it be a weekend cruiser.
I almost bought one but went with the GT because I didn't think the Cobra was worth the extra $10k.
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1999 GT - Laser Red
K&N, Steeda pulleys, & Steeda strut tower brace
(Upcoming mods: subframes, Bassani X, & FMS 3.73s
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