Hello, welcome to the forums. I had a 98 Formula not too long ago that I sold, along with my other Camaro and firebird
I think you'll like the Cobra if you're looking at getting into one. Great cars to make go pretty fast with minor modifications. A fair price generally sits around the 18K mark for one with lower miles on it around here. If you want around 20K miles, you're looking at probably around 24K or so.
I don't know the little things, but it's got a T56 in it which you'll already be used to so that's a good thing. Not much to really be said about them, they're great cars with lots of potential to do pretty much whatever you want. I think the only thing I know of is issues at the dragstrip because of the IRS, but that's the only problem I've seen.
Have a LS1 want a 03-04 cobra...
But, its not Ford vs Chevy for me. Theres so much rice out there these days us Muscle guys need to stick together! 
