Ford invested $155 million dollars in its Cleveland engine plant in order to develop the all-new 3.7-liter V6 for the 2011 Mustang, and what they got for their money is the world’s first vehicle that tops both 300 hp and 30 mpg. That’s right, the V6 in the 2011 Mustang is just 10 hp shy of the outgoing V8’s output, has 95 more hp than 2010’s 4.0-liter V6, and bests both in fuel efficiency.

Sure, the big news in the Mustang world is the triumphant return of the 5.0, but I’m sure you’ve read all about that already. Don’t worry, we’ll get to that magnificent piece of engineering in due time, but the popularity of that marketing move on the part of FoMoCo has done the company a bit of a disservice, overshadowing some significant improvements on an already impressive vehicle.

So what’s newsworthy for the 2011 Mustang, other than the return of the 302? Casting engines aside for a second, Ford manages to decrease drag on the 2011 Mustang by 3% with better sealing around the radiator and rear decklid, new front air dam and underbody covers, as well as rear-wheel liners – what Ford is calling “spats.” These additions also have the added benefit of reducing noise while driving, especially through loose or wet surfaces.

Ford has also increased efficiency 1% by employing something known to induce retching at its very mention: electronically assisted steering. Handling was one of the very strongest points of this newest-generation Mustang, so it took a pair of iron lugnuts to attempt to fix what wasn’t broken. Early reports say that Ford has not only maintained the level of precision set with the old unit, but even surpassed it. What’s more, the new electric setup offers several advantages over the old belt-driven steering-pump system, namely adaptability. The electric assist is able to adjust to deal with heavy crosswinds, uneven roads, and can even increase the boost profile during low-speed and parking maneuvers, while returning to a more appropriate setting at speed. Makes you wonder why we’ve been robbing our engines of that power all these years.

The suspension has been tweaked as well, with larger anti-roll bars across the lineup, new rear lower control arms and bushings, and a standard strut tower brace. Spring and damper rates have also been adjusted, so we’ll see how owners like the new setup. Brakes have also been upgraded, with 13.2-inch fronts representing an increase of 0.8 inches, but if that’s still not enough, Ford is offering a Brembo brake package with 14-inch fronts and the familiar red calipers behind unique 19-inch wheels.

Can I talk about the interior for a second? The lauded Ford Sync system has been updated and will now include Traffic, Directions & Information, and 911 Assist, as well as Vehicle Health Report. Yeah, yeah, yeah, I can already feel you slipping away. How about a 160-mph speedometer and a tach that reads a 7,000-rpm redline in the GT? Yup, that’s a 500-rpm increase over last year.

Far be it from me to mention redline and not segue right into the engines, so here we go. The all-new, all-aluminum 3.7-liter Duratec V6 has twin independent variable camshaft timing, a redesigned cylinder head, and a compression increase to 10.5:1. It also has a new exhaust manifold, but otherwise is the same 3.7 found in the Lincoln MKS and MKT, albeit modified here to work in a rear-wheel-drive (RWD) application. All that gets you 305 hp and 280 lb-ft of torque, and when paired with the six-speed automatic, it’ll also deliver 19/31 mpg. I’ll repeat this because it bears repeating – that’s not class-leading, that’s a world first. The six-speed manual will drop highway mileage down to 29, but I’m sure you’re not complaining.

So we come to the 5.0. The 302. What may be the most famous and most modified engine in history. Well, this isn’t the same engine born in Windsor back in the 60s, rather this is a bored and stroked version of the 4.6-liter we’ve been seeing since the mid-'90s, here pushed to its displacement limit: 92.2mm bore and 92.7mm stroke, if you’re keeping score. In this application, it’s a DOHC unit as opposed to the SOHC system to which we’ve grown accustomed. New cylinder heads were designed, because Ford engineers apparently couldn’t make enough horsepower with any of the existing heads in their arsenal, including those used in the Shelby GT500. Thankfully, the new head design left room for a new intake system that works with the new composite intake manifold and tubular exhaust headers for a huge respiration improvement. Intake and exhaust both get variable cam timing, and the compression ratio is 11:1. No direct injection here, but even with that omission, the 5.0 still manages 412 hp and 390 lb-ft of torque with efficiency ratings of 17/26 with the six-speed manual and 18/25 with the six-speed automatic, all increases over 2010.

On paper, the 2011 Mustang is better in every way. Perhaps more importantly, the numbers add up to beating its rivals in power, efficiency, handling, and even weight. Was it necessary? Probably not. Is it welcome? You bet yer lugnuts.