yes, but that this topic has been beaten to death. Its the same thing when hammond straps a GT500 to a dyno and is shocked when it doesn't have 500 hp and accuses Ford of lying despite the fact that all manufacturers rate their power from the flywheel.
Anyway, there is nothing more to be said in this thread.
Shouldn't be surprised in the first place. This one requires a bit of the real backstory.
Originally it started with Shelby's GT350. The name from that came about one day when Shelby was meeting with his chief engineer Phil Remington and asked him how far away he thought a building was from their office. They both guessed and Phil paced it off, it came to 350 feet, so Shelby said, "Fine, let's call the little car the GT350. If the car's good, the name won't matter, and if it's no good, the name won't matter." Coincidentally, the 350 happened to follow the current trend of car numbers (chevy's 327, Ferrari's 250, 275 and 330, etc.)
For the GT500, Ford had just given Shelby the big block 428CJ and a few 427's. Shelby renamed those engines the "Cobra Le Mans." For the car he was putting them in, he didn't pace out any distance this time like most people think, instead he went with the current trend of engines in muscle cars, 409's, 421's, 426's, 427's, 440's, and decided he would make his car better by making it a bigger nice round 500. Another thing to note, the original '68 GT500KR only made 335 horses, but it was the 440 pounds of torque that gave the car it's muscle.
So, the point I'm getting at is that the GT500 name has nothing to do with horsepower.