The F430 lacks the elegant lines of previous V8
Ferrari's like the 308, 355, or 360, but it has proven to be an amazing car, especially for an "entry level" model. The second fastest production Ferrari behind the Enzo, faster to 60 than an F40 or F50. And the trick suspension - adjustable with a knob on the steering wheel is pretty cool. For what it is, the price is not bad, but the Ford GT remains the run away bargain of the two. $170-190,000 vs. $140,000. The GT has the bang for the buck advantage, plus in my eyes it's a lot better looking, which is natural since the GT design is based heavily upon a classic.
According to Car&Driver tests, the GT hits the quarter mile in 11.8 @ 123, and the F430 does the same in 11.7 @ 123. Practically identical! The GT gets better gas mileage 12/21 vs. 11/16 for the 430.
The GT was designed to knock horns with the 360, but it remains very competitive with it's successor, the 430. I say, this one comes down to driver skill, and his ability to exploit each car's greatest strengths. And also personal preference.
The GT is ultimately faster though, with a top speed of 205 mph. That's V12 territory.