I went from a 1990 Mustang GT to a 1998 Contour with the V6 and 5-speed.
Pros of the Contour:
-4 Doors
-Less of a cop magnet
-Great handling
-Drives well in the winter
Pros of the Mustang:
-Torque!
-Lots of go fast parts available
-It's just a cool car
I missed the Mustang a lot though, so I bought a 1991 Mustang GT last year! Still have my Contour, the Stang is a weekend car.
As far as reliability, I don't know if you'll find a Contour any better or worse than the Mustang...