Ford’s given its successful 5th generation Mustang its first major facelift since debuting in 2005, and revealed it tonight at Barker Hanger in Santa Monica. Executives claimed the Mustang is America’s best selling sports car, which I guess could be true. The 2010 incarnation has some significant improvements over its present model, the most dramatic being the redesign of its rear end. But it still could use some improvement. It’s like Britney’s comeback: sure its ass is better than it was last year, but it’s still no way close to Classic Form.

More review, plus plenty more pics (including close-ups of the new nose and tail) after the Jump…

I’ve loved the new Pony since it debuted, but I’ve always hated the rear end. It’s like the designers spent their entire budget on the rest of the car, got to the tail and just said, “Ahhhh screw it — let’s go get a beer.” I mean it’s like they intentionally drew a horrible back just to give them something easy to improve on next design. It wasn’t just bad, it was terrible; it looks like it was just thrown in there. So although the new one is better, that’s really not saying much. It’s still got a way to go to match the rest of the car’s beauty.

The second major difference is the front end, whose grill got more narrow and sharper — like a black snear. The lines are much more aggressive, similar to the Giugiaro Concept, with more pronounced rear wheel arches. Lastly, the GT has a full glass roof which gives the car a sharp color contrast — especially when ruby red, as the hue balances stunningly with the black glass roof.

All in all, Ford improved its product…but enough to help save the brand…?

The new tail. See what I mean: way better than the old, but still could use improvement…

The new nose, gold-tipped…

…see how more slender the headlight and grill is?

Close up.

The Ford Formula Drift car, which pulled some crazy ass stunts when unleashed…