As the former owner of a 2001 Mustang Bullitt, and also a 2007 Mustang GT/CS, I have to say that this new Bullitt Mustang should be superior in just about every way to the 2001 edition. The new (in 2005) Mustang GT is just a far superior car to the predecessors. The extra 15hp over the regular V8 Mustang is nice, plus I understand the suspension is nicely tweeked in the new Bullitt. Supposedly the exhaust burble is greater than the stock GT also. I have seen several of the new ones here on dealer's lots, and I do find the car rather "plain" looking.
The pricing is really not bad as I understand that you can buy under the Ford Family pricing which gets the price down into the low $30s (I'll have to check that for accuracy later). These cars are not an easy sell these days, except to the Mustang faithful (although only 700 copies in Canada should all find a home, but it won't be young ppl buying them, more like ppl over 50). The Bullitt has a built-in fan club in IMBOC (International Mustang Bullitt Owners Club), a very active web-based club that is into all things Bullitt, including complete tracking of the owners of each serial numbered car. It's a good club.
I don't think these types of cars compete with the likes of the STi; I don't think they are the same buyer. Which would I take? The new Bullitt.