The most obvious changes Farago would like Ford to make are the addition of dual air intakes placed next to the headlights. The turn signals would then be moved outside of the headlights and around the corner. The character line that runs the length of the Mustang in this rendering also curves upward after the doors and mimics the rear haunches of older Mustangs. His design exercise is an evolutionary take on how the quintessential pony car should move forward, and we're digging it.
The reality, however, is that spy shots do show the new Mustang with a face inspired by the Giugiaro Mustang Concept, with new headlamps that lean into the grille from either side like on the GT500. The turn signals can also be seen within the familiar confines of the headlight housing. Still, that dual air intake idea would be perfect for feeding the twin-turbos of an EcoBoost direct-inject V6.
[Source: The Truth About Cars]