2010 Chevrolet Camaro SS
Base Price: $30,995 | As Tested: $35,000 (est)
The six-speed manual, 3.45:1 geared 426 hp Camaro SS was the quickest car of the group by a wide margin, stomping 60 mph in 4.9 seconds and running through the 1/4-mile in 13.0 seconds at 111 mph. That speed is particularly impressive considering the Camaro SS weighs almost 3900 pounds. On the road, the V8 has enormous torque and can pull away from lesser cars from less then 2000 rpm on the freeway. At idle the big 6.2-liter rumbles ever so slightly. And we like that. Still it takes full throttle and some revs to really hear this motor sing, so a more aggressive exhaust tuning is needed. Back at the track, the SS stopped from 60 mph in an incredibly short 107.8 feet. Credit that particular number to the serving tray size, 14-inch front and 14.4-inch rear Brembo brakes
2010 Ford Mustang GT Premium
Base Price: $30,995 | As Tested: $35,626
This year, the Mustang is fresh from a mild refresh of the successful 2005 redesign. But any Mustang fan will be familiar with the basic powertrain. The 4.6-liter V8 remains largely the same and now makes 315 hp. Our Track Pack-equipped car came with 3.73:1 gears and a five-speed manual. Okay, so compared to the larger displacement competition the Mustang's horsepower number seems, well, wimpy. But the key to the Mustang's persona and performance compared to its rivals is weightÃ¢??or more precisely, lack thereof. The Mustang GT weighs 3500 pounds. That's about 400 pounds less than either the Camaro SS or Challenger R/T. So the relatively modest horsepower meant our Mustang could still hustle to 0-60 mph in 5.6 seconds and run through the 1/4-mile in 13.9 seconds at 102 mph. The 4.6-liter sounds good rumbling down the street or revving at the track, with an amplified version of the traditional V8 howl any motorhead kid will peg as a Mustang from three blocks away. Though Mustang is down a gear from the six-speed Camaro and Challenger, the shift action and clutch take-up is smoother than either of them. The braking performance was rather unexpected: It stopped from 60 mph in only 110.8 feet. That's only three feet longer than the Brembo-equipped Camaro took to do the same job.
Summary:The Camaro has slightly better performance. Almost a full second better on the quarter mile and .7 secs faster on the 0-60.
Personal opinion: The Camaro just looks better in general. Combining that with the better specs, I know which I'll pick.
Info taken from http://www.popularmechanics.com/cars/reviews/comparisons/4309423
Edit: I know this is a review of the upgraded version of each car.