Ray pointed out the top, so...
Not sure what the good points would be compared to the most recent reissue, which seemed to have most of the optional custom parts. The kit does have an opening hood and trunk. Hopefully they cleaned up the tooling a little bit for this one, it was just starting to look a little bit haggard on the last reissue in spots.
It does have full engine detail. Just one engine- the 289, but if I recall it can be built with Weber carbs or a single carb. The kit also has a separate chassis with decent front and rear suspension detail- there's a metal axle at both ends, but each end has its own transverse leaf spring. Compared to the 1:24 Monogram Cobra, I think this one has better interior detail. It also lacks the wide fender flares Monogram's 427 has, so you could even convert it back to an AC Ace if you wanted.
My only serious gripe with any of these I've built is the windshield frame- sometimes it fits the cowl pretty well, other times it doesn't. The hinged hood and trunk have always worked well for me.
It is my understanding from John Mueller (long time AMT, Lesney/AMT and AMT/Ertl kit designer) that the AMT Cobra was actually modeled off the ORIGINAL Shelby AC Cobra, s/n CX0001. If so, that is an AC Ace chassis, AC Ace bodywork, and a 260cid Ford small block. As such, it is a completely different Cobra than the 427 as kitted by Revell. AC Ace and the 260/289 AC Cobra's used the Tojiero transverse leaf spring suspension as produced by FIAT from the early 1950's onward for several years, while the 427 used a completely new coil-over suspension system.
Round2's box art isn't the same as the original issue kit though, the artwork on that kit box was much more artistic, certainly not the cartoon-like image shown above.