Well it still runs circles around a Mustang in terms of braking and cornering, so its less fat
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The new Camaro isn't running circles around a GT500. Just because it has IRS doesn't automatically make it handle better than the Mustang with it's solid rear axle. Currently the new 2010+ Mustang GT (not the GT500) is superior to the new Camaro SS in both handling AND braking. Again this is just the GT we're talking about. I think the GT500s are comparable if not exactly the same as the SS since the GT500s are heavy too. Matter of fact according to Road and Track test Data the 2010 Mustang GT scores better in the slalom than both the GT500 and the SS. Be interesting to see how much better the GT500 is in 2011 when it debuts with it's all aluminum block!
Road and Track test data:
2010 Camaro SS
Braking from 60 mph, ft: 121 ft.
Braking from 80 mph, ft: 212 ft.
Skidpad, g: 0.89 g
Slalom, mph: 66.4 mph
2010 Mustang GT
Braking from 60 mph, ft: 115 ft.
Braking from 80 mph, ft: 202 ft.
Skidpad, g: 0.93 g
Slalom, mph: 69.1 mph
I don't have numbers on the 2007 GT500 handy but it's very close to the SS. I believe the 2010 GT500 is improved over the 2007 though.
Nice thing about the supercharged cammer Mustangs from Ford you're a pulley and a tune away from adding some serious power to the wheels to give you an edge atleast in a straight line. I think the '07 GT500 and SS Camaro would be comparably close in performance and it will just ultimately come down to driving both and figuring out what you like better for YOU.