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what are the major and minor exterior and interior differences between a 2005 and 2007 mustang
 

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No major differences. The 05 GT's are reputed to have a slightly stiffer suspension. I'm not sure if that's true or not though. All manual 2005 GT's have 3.55 gears as standard. 07 GT's have 3.31 gears standard with the 3.55's being optional. There were different interior/exterior combinations available as well.
 

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05 and 06 came "loaded" with leather and the IUP or Sport pac.
In 07 they came out with the ambient lighting, HID's, Heated Seats, Nav, etc..

05-06 is the same GT from a Mechanical perspective, but 07+ recieved all the goodies. Also, I think they changed the gear ratio or added an option to the gear ratio in 07. Im not sure as I have an 06.
 
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