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Ford is going to have to take the wraps off the 2010+ Mustang soon. Expect it to be officially unveiled at one of the big autoshows within the next 6 months.
I think they said it will be at the LA show in November.
I really can't see Ford bumping the HP up significantly considering the Bullitt and Shelby GT, both limited edition cars, bolster 315 & 325 horsepower, respectively. Those cars are both over $30,000. If they bump the GT's horsepower up too much they are going to have to charge over $30,000 base price. I just don't see that happening. Sure, other things besides extra HP add to the overall price though. I'd say 325 hp MAX for the new GT V8.