That ain't no old 5.0!
Its the 4.6 DOHC with that has a larger bore (spray bore). The heads are tumble port design like the 99/2001 Cobra, and the intake manifold uses IMRCs, but high in the runners, not right before the ports like on the 96-98 Cobras. It also uses a dual intake/MAF/filter assembly.
The front suspension uses a fabricated cross member to move the front axle forward for better weight distribution (50/50) and suport a SLA (short and long A-arm) suspension.
Supositly the long awaited FRPP intake manifold and heads are based on the FR500 design. They work extremely well on the test cars, but so far there has been no published date for their release.
Anyway, its a bad *** concept car, but so far it has failed to yeild fruit. Maybe the 2003 Cobra will take advantage of the better engine parts.