The extensive cladding doesn't extend all the way to the prototype's rockers in the instance, giving us a look at the heavily-sculpted sills. Overall, this test car looks considerably smaller than the current generation Mustang, and elements like a short front overhang and beefy dual-piston calipers give us plenty of hope for the future model. Of course, reports that the 2015 Mustang will bow with an independent rear suspension and EcoBoost power certainly don't hurt our feelings, either.
UPDATE: Chris Doane reports the 2015 Mustang is currently codenamed S550 and will come with the current 3.7-liter V6 or 5.0-liter V8 under the hood. European buyers will be able to enjoy a turbocharged four-cyliner engine option, though it's possible that engine could show up in the US as well.