Ford has certainly upped the ante in the Mustang/Camaro wars for 2011. Chevrolet may have the upper hand in V8 power (Camaro is rated at 426 horsepower, Mustang GT at 412), but the base 'Stang now uses a 305-hp V6, boasting slightly more power (one horsepower, to be exact) and better fuel economy (31 miles per gallon) over a comparable six-pot Camaro.
Even though the 2011 Mustang V6 only carries a touch more power and efficiency, Chevrolet isn't going to just sit back and take it all in stride. An inside source has told Automobile that the Mustang's top honors may be short lived, and that details on the 2011 Camaro will arrive in the very near future. We don't think that General Motors will have much trouble cranking out a couple extra ponies from the Camaro's 3.6-liter V6, but can it surpass the Mustang's 31 mpg highway rating? Consider our interest piqued.
http://www.autoblog.com/2010/03/23/report-gm-working-on-more-powerful-v6-for-2011-camaro/