When Car and Driver did the GT500 versus Vette comparo, it was a Z51, NOT a Z06. That would put it down 100 BHP to the Mustang, and a few pounds as well. Funny enough, the Mustang still had it's ass handed to it, as the car recieved way too much hype, and didn't live up to it.
Its completely fair to compare the two cars as well. They cost about the same, perform similarly, and sell to the same kind of people. The only way the competition would be better would be to get a 505 BHP GTO or Camaro at the line, but even then the Mustang would STILL lose...