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Well, you are dealing with a lot less hp with a stock C5 than with a C7. That being said your talking about spending $20K, more or less for the C5. The C7 will probably run you multiples of that. My C5 is a M6 car with good exhaust, CAI and a computer/dyno tune, and its pretty quick, doesn't have a warp drive, but certainly enough snots to get you in trouble pretty damn quick. I guess its just a question of whether that extra hp/speed is worth another 40K to 80K over the C5. On the other hand, that $20K C5 with maybe $10k into a blower and some other do-dads, well, thats another deal altogether! Best wishes!
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You're talking 300 more bhp in the C7 Z06 so no, a stock C5 won't feel like that. But the C5 has plenty of power to make for a very enjoyable drive. And you can always modify the C5 to make more power.
Mine's a mostly stock 6 speed car and the gears are really high, so it doesn't impress much until you get up there in RPM. But lemme tell ya, when I get on it, it still scares the crap outta me. The car is a completely different animal above 3k, and it moves. Speed is also relative. If you're used to driving really fast cars, the C5 probably won't impress you. This is by far the fastest car I've ever driven, so I'm pretty happy with my 350 horses.
I keep thinking about adding a supercharger, but I just don't see how I would actually be able to use any of that power outside of a track.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.