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turbo's answer doesnt hit all the bases

the GT is the sport model of the mustang, available with a 5.0 and a different look and suspension. i believe the GT only came in the hatchback/convertible versions

the LX is the luxury model, you can have either the 2.3 or the 5.0, and the suspension is different, and it comes in all versions, hatch, coupe, and vert

the SVO is a special mustang, like cobras and shelbys. it has nothing to do with either the GT or the LX, and comes ONLY in the hatchback version

the SVO has an entirely different suspension, engine, and a bunch of other goodies like a short-throw shifter and 5-lug wheels.. actually, the SVO was superior to all other mustangs in suspension until i believe the Termi (03-04 Cobra)
 
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