The paint job is to distort your view of the car so you cant pick up certain things. Its like an optical illusion.
As for whats under the hood... I dont expect to be anything more then what the present cobra has. I figure a supercharged dohc 4v headed model like that last with more accurate power ratings of anywhere of 420-435hp.
I think the new Cobras will have more power then 420 - 435. The new base Vettes will kick out about 400 HP, with the Z06s rumored to have about 500hp. I wouldn't be suprised to see the new Cobras and Lightnings have the same engine under the hood, with somewhere around 500HP.
Its dressed up like a stock 05 Other than the crowel hood (The hood hints This will probably be the 5.4) Id expect the cobra to portray a more unique look from the regular Mustang GT than this proto type.
First of all that hood is horrible and wouldn't be legal.
Second of all Ford won't put anything near 500 hp in the cobra because it will make the GT look like ****. Imagine, 550 hp car for 140,000 and a 500 hp car for a less then 50,000. They won't do that. Maybe 500 for the lightning but not for the cobra. I think it will be 400-420hp. We also haven't seen big changes in the other models(190 went to 200 and 260 went to 300). Another thing that would leave a huge gap in their line up( 200hp, 300hp, 500hp!). Not going to happen