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Well, there's even more to it than that - and I bet the article doesn't mention it: One can make better use of the power available from the LS3 than from the 5.0, in bone stock trim.
What hurts the 5.0 is the 6850 rpm redline - coming only 250 rpm after peak power. This means that one must shift well before what would otherwise be the optimum shift point (likely 7200-7300 rpm). I'm not sure about the Dodge, but in stock trim, the LS3 can make better use of its powerband, taking away some of the "on paper" power-to-weight advantage of the 5.0. This is one reason the cars are as close as they are in 1/4 mile acceleration.
It would be interesting to take a dyno run from each car (Camaro and Mustang) from the same dyno, then do the math to figure out the AVERAGE power in each gear and obtain a power-to-weight ratio from that. Bet they'd be even closer than they are now.
One final thing....any mag that tests a 2011 GT with 3.73 gears in the 1/4 mile will be hitting the limiter in 4th gear at ~109 mph.
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