I agree with Joe for the most part, throw in a cam and some head/valvetrain work and 400 rwhp is easily reachable. but the same thing I always tell people who are interested in them:

I've owned 5 F-bodies and know several people who have/ have had them. a kid from work has had a 96 for about 2 months and has spent $2500 in repairs on misc items around the car. i spent about that much on the 2 months i had my 97. the drivetrain will run forever, but be prepared to spend money on stupid repairs left and right as the car gets older.

i could go on about the problems i had and the many i've seen over and over, but if you don't mind keeping up with the car they aren't too bad.