I disagree with you guys 100%. I grew up with EFI...building/tuning EFI cars. Was one of the first people in the area running the EEC Tuner, and came to know the Tweecer inside and out. I had always bought into the myth that you would make more power with EFI than with a carb. In fact, I had never even touched a carb'd car until this one that I just built. I think your argument here is because you don't understand the nature of the beast we're dealing with. You're simply not going to make the power from a 5.0 mustang running EFI that you will running a carb. There's a few reasons why carbs are superior in the world of small block Fords.
Intake selection plays a huge role in these cars ability to make power. Your typical two-piece EFI intake for these cars has a 12 - 15" runner vs. the 5.5" - 6.5" runners you're going to get with a carb'd intake. The shorter runner intake not only is going to allow you an extra few hundred rpm up top, but you're also going to be moving the air through the runners faster, which is going to make more power at any given rpm vs the slower air movement you're experiencing with the long runner EFI intake.
Second, and most important I think, is price. I have less than $600 invested into my entire carb setup. On the same token, you can expect to spend $500 - $600 on the intake alone if you want something that will move as much air as what I've got. Then add another $200 for your throttle body, another $250 for a mass air flow sensor, $200 for injectors, $150 for fuel rails, and $300 more for tuning software, and you're suddenly $1600 deep into a setup that still won't perform as well as my $600 intake/carb setup. An EFI setup that would perform as well as my carb'd setup is going to cost you closer to $2500. Obviously, I'm excluding fuel pumps and pressure regulators as the cost is a wash on those parts.
Third, driveability. It's an extremely common myth that carb'd cars won't allow for the same drivability as an efi car. I beg to differ. Give a properly tuned carbed car a few minutes to warm up and it will drive just as well as an EFI car does, plus you get the advantage of a quicker revving (see above paragraph) motor. My carbed Mustang drives just well as any stock EFI car I've ever been in and better than most people's "professionally tuned" EFI cars I've driven also.
4 - Fewer parts = fewer parts to break/go bad. Self explanatory. Fewer sensors to go bad, fewer throttle body set screws to be adjusted all the time (if you don't appreciate that, you've never owned a 5.0 Mustang)
Fifth, this is trivial, but carbed engine bays are so much cleaner. Once you get rid of all the wiring to the sensors on an EFI system the engine bay becomes so much more aesthetically pleasing to look at, simpler to work on because you're not unplugging sensors and pushing wires out of the way every time you need to work on something. I'm lazy, so I can't stress enough how much I appreciate this aspect of owning a carb'd car.
Finally, nobody has managed to make as much power naturally aspirated or with nitrous using EFI as they have with carbs. Argue this until you're blue in the face, but it's a simple mater of fact. Carb'd cars run harder. See, for example, IHRA and NHRA pro-stock. The IHRA briefly experimented with EFI in it's pro-stock class, however, you'll see that everyone is back to running carb'd setups. I hardly think this is because they couldn't find anyone to tune the EFI systems properly. Warren Johnson of NHRA Pro Stock fame has even been on record as saying they make more power with carbs than they do with EFI. These are some of the most advanced engine setups in the world, and they're running carbeurators. All of the fastest cars in NMRA Hot Street and Pure Street run carbs...in spite of an added weight penalty for running them! Same goes for Fun Ford Weekend Street Bandit and Street Warrior. Why would these guys be running carbs if they could make more power with EFI? Simple. The carbs make more power!
I'll wrap this up with a good read for those of you who are interested in looking into this topic a bit more.
http://www.pro-system.com/scoop92102.html