That's not too bad of a look. Of course, keep in mind small details always seem to change when the release date gets closer. I remember when the 2005 concept came out and it was hideous, then when the car actually released- there was a completely different look, IMO.
I do like the way the rear end looks in that drawing. Even though you can't seen the tail lights or exhaust, it seems to have the nice smooth curves to the back. I wouldn't mind if they kept that idea at all!
About the only thing this tells us is they are figuring out how to shoehorn the Coyote into the narrower frame rails. I never had any doubt the Coyote was sticking around; a) it's too new for Ford the flush all that engineering effort, and b) A V8 is too central to the Mustang identity to not have one (yes, I am aware of the Mustang II--that was 40 years ago).