To the OP: the 03-04 cobra is a much more 'raw' car: it drives way different than the newer s550. If you dig the older tech, older chassis and a more brutal car: go for the 03-04 cobra. If you dig more refined power, better chassis and newer tech: go for the s550.
Keep in mind: the 03-04 cobras are nearly 15 years old now. There will be more 'annoying' issues with the 03-04 vs a 2015+. You'll be spending money/time to fix things like worn suspension, leaks, etc... An s550 should be in pretty decent shape and you can put more money into mods.
This advice is spot on. I can't speak to the s550 but I have a 2012 5.0 and to me (this could vary person to person) but the Terminator is a TOTAL blast to drive. It's unreal how much fun it is. The sounds and the feeling is unlike anything I've ever driven. They are older cars though and have their issues that pop up. Better have some money set aside for not only mods b/c the bug bites HARD, but also repairs. Its an expensive hobby.
I don't see how you would NOT like a Terminator though if you got a good one. That's my vote.