The Fox body (third generation) 'Stangs really were the beginning of the brand's resurgence after the widely-agreed-to-be-disappointing Mustang II.
I owned a 1977 Mustang II - my first new car - and while I drove it for many years it did cost a lot in repairs and was not much of a car. In the 1970s, quality was decidedly not Job 1 at Ford.
The Mustang II is un-loved, for sure, the "Pinto Mustang" and all that. But the people who still talk about them are mainly car enthusiasts, and their standards are understandably harsh on the '73-'78s. But evaluated in comparison to its contemporaries, it shouldn't come off so bad. The early domestic generation of smaller, more fuel-efficient "import fighters" was, as a rule, shitty. The decision to downsize the Mustang after the bloated '71-'73s was almost certainly the right way to go, but there weren't a lot of options. If the Mustang II hadn't been built on the Pinto platform, it would have been based on the Maverick, which would surely have been no better. Ford had tried to market a peppy small car with a more European feel with the Mercury (German Ford) Capri, but US buyers had were not impressed. Whatever its performance shortcomings, the Mustang II had sporty character and an appealing array of options at a reasonable price -- really just a return to its roots, recent though they were -- and it sold and sold and sold. People loved them. Among my gradeschool friends, the Cobra II on
Charlie's Angels was right up there with Corvettes and The Bandit's Trans Am for desirable cars. Without the Mustang II we probably wouldn't have Mustangs today.
Quality... yeah, pretty dismal, but that was endemic for the time.
I agree about the 3rd generation, it did take more positive steps for performance. The SVO, though its turbo four was a different approach from classic American cubic inches, was definitely a sign of serious intentions. One thing that was kind of cool about that generation was you could option the V-8 and other stuff on the base model to get the performance of the GT without paying for all the plastic look-fast pieces.
I think they're doing a good job of holding on to some styling cues while modernizing it. Unfortunately if you look at the sales figures and demos for Mustang, Camaro and Challenger over the last five years the whole retro thing has hit a ceiling.
I thought that might happen. When you've locked in to a certain retro styling concept, there are only so many ways to update it, and it will start looking old faster in comparison with more current styling. In the right window of time, though, they look great.
Then there was this era:
It seems a little strange now to choose a police car where a prisoner has to sit in the front seat, but it was a thing for a while. The first time (of two) I was ever pulled over it was by a late '80s Utah Highway Patrol Mustang.
It's great that one of the classic models of American car is still around to celebrate a 50 year anniversary, and hasn't gone the way of the Thunderbird, the Cougar, the Riviera, the Eldorado and so many others.