The Rustang is competition for the ZL1 but not the ZR1.
Ford will not even attempt to enter the ALMS GT series against the Vette, BMW, Porsche, Ferrari, Lotus, etc., with a Rustang. When they do that, maybe.....
Well....let's consider how we are define "competition". If we are talking about the power rating of the car's engine and if Shelby is using the same SAE test procedure as does GM with the Camaro's LSA V8, then, yeah, the 2013 Shelby GT500 is, indeed, a "competitor", but if we are defining "competitor" on the basis of real-world performance, and by that I mean accelerating, braking and handing, at this point, the Shelby is a "potential competitor" at best."
The current Camaro ZL1 Coupe has lapped the Nürburgring's Nordschleife at 7:41 and change.
Once the Shelby folks take that car over there and match that, then, and only then, does the GT 500 earn the title of "competitor". Until then, it's just another wet dream of a car company marketing department based on a power rating done on a dynamometer.
That said, the Mustang may have an advantage on paper in that it weighs less than the Camaro. The big question will be, if Ford decides to take the car to 'ring, whether or not the car's live rear axle will be a significant handicap. Also, whether or not the Ford can put all that power down might come in question. Lastly, it's one thing to make 662-hp on the dyno. It's another to be able to have the powertrain reliable for repeated laps around Nurburgring or other race track. It's yet another thing to have a torque curve the results in the kind of drivability you need on a track like the Nürburgring.
In the end, I'm trying to have an open mind, ie: the 662-hp Shelby
could be a competitor to the ZL-1 but is it a competitor,
now?
Not.