The chassis is not the same. There were significant improvements with the 2010+ cars. The 2011 being even better than the 2010.
As it compares to the M3 and what not, keep in mind that they cost twice as much as a base 5.0. Premium 5.0 to Touring Z (as I have owned both) I'd say is 1:1 in terms of interior refinement and quality to give you an idea. It's a very well built car. Extremely solid. Quality materials. Fit and finish is perfect. Paint quality is amazing. Transmission (6MT) is buttery smooth. The list goes on and on.
If you really want you can get a pretty plush 5.0 with the glass roof package
which is just freaking awesome
.
The cool thing about the Mustang is you have a billion different options. There are a number of interior styles to choose from. I have the 401A package with the charcoal seats and cashmere striping. You can get the stripes in red or grabber blue if you want. You can get red seats. You can get plain charcoal or saddle brown seats. You can get red with stripes... Lots to choose from.
If you have any specific details you can just PM me. Don't want to get all the Mustang haters riled up.