The August R&T devotes 6 pages to the Mustang GT PP2, and pretty much says it doesn't belong on the track, which Ford admits. Excerpts from the story in bold; other comments are mine:
"For a road-focused performance car, this Mustang is a riot on track. Briefly." It overheats on the track, since it doesn't have diff or tranny coolers, which Ford said it did intentionally - because it doesn't want the PP2 to have
"full track capability." 
"It looks at home among Ferraris, Porsches, and Formula 3 cars on pit lane at Monticello Motor Club in upstate New York, where we came to test it–like the thing could lap all day. It can't. During a session on Monticello's North Course, the Mustang was keen to communicate that it needed a break, flashing an axle-temp warning after a handful of laps."
R&T thinks the PP2 is a better backroad/around-town car than the 1LE. I haven't driven a PP2 yet, but I think I'd disagree after having owned a GT350 and a 1LE.
"If you want a full-on track car, get a Shelby GT350R or a Chevrolet Camaro SS 1LE. If you want a car to live on the road, the PP2 is your choice. … While people will still think it's a 1LE competitor, and it'll perform well against a 1LE in a single lap, it's just not the right car for an extended lapping session. The aim of this passion project was to hone the ultimate street Mustang from a car they had already spent time developing."
The base price of a PP2 is $44,685, the styling is pretty subtle and R&T loves the Michelin Pilot Sport Cup 2s. Interestingly, the PP2 doesn't get a horsepower boost beyond this year's 460, even though the Bullitt will get 15 hp more. So, if you like Fords and want something for blasting around the backroads at 8/10ths or crashing when you leave Cars and Coffee (sorry), the PP2 may be a fine choice.
But if you're going to hit the track or demand the best performance for the street, I guess Ford still needs a little more PP in its Mustangs.
