tikky,
Think of it this way - what euro cars try to do with refinement, efficiency, and little design quirks like not having cup holders, the camaro and firebird do about as well by doubling the engine displacement and using tires that are twice as wide. Why double the price of the car when you can get the same performance on the open road by doubling engine displacement at a fraction of the cost?
My firebird gets the same gas mileage as a BMW 3 series sedan, so don't try the inefficiency argument either

GM did their homework with the engineering behind the last generation camaro/firebird, but the image just wasn't there so people bought slower mustangs that looked cooler instead. I prioritized performance over styling and ended up with a firebird, because when I bought my car, very few cars anywhere NEAR it's price range could beat it on any track, dragstrip, or roadcourse. Until around 2002, nothing on the market under $50k could touch it for overall performance.
But no, it doesn't drive or handle like a euro or japanese car. Even a monster BMW 7 series *feels* tighter. But a well driven camaro/firebird is a very fast car indeed.
As an aside, try naming production cars from ANY country that will do an honest 159 mph straight from the factory floor, verified by multiple auto magazine tests. To make it challenging, limit yourself to cars that cost less than $30,000. I'll start your list... The 1998 and newer V8 Camaro and Firebird, indepentently tested by both car and driver and motortrend up to redline in 5th gear at 159 mph, with a $26,500 retail price for a fully loaded 1998 Trans-Am.
I've had mine to 140 before common sense prevailed...