Switching from a panhard bar to a watts links has been a hot topic within the Mustang crowd. I think part of the decision will be personal taste, but I'm a fan of the watts link. Many of the top suspension builders, such as Griggs Racing and Saleen, are using watts link systems. The Saleen kit seems to be more of a street kit dues to its use of urethane bushings, although testing on the Parnelli Jones Saleen has shown positive results. Griggs Racing believes that there is no strong benefit to a watts link that uses urethane bushings. The Fays2 kit uses solid rod-ends (similar to the Griggs system), however, I spoke to Jim Fays and he told me they are testing some urethane bushings now. He added that they will only offer urethane bushings if it will not compromise performance. Keep an eye on Jim's site since his testing could be a viable answer to this long-standing question.
I've heard that Saleen has recalled their watts link twice now. The first time was for not including a brace linking the two chassis mounting points resulting in too much chassis flex. Now they are having to replace the bushings due to some kind of failure. I guess this can be a good thing since they are working out the bugs. Griggs and Fays both have good reviews but I doubt they sell nearly as many as Saleen to really test them thoroughly on the street.