I think they've said that the '05 model will be very similar to the '04 model, but there will be another "facelift" for the '06 model year. It won't be anything big or drastic, but it will modernize it a little more.
I'd like to see the Taurus go out with a bang...how's it sound...2008 For Taurus SHO. I think it would be really cool...maybe supercharged? Maybe if all you Gen IV guys can get a supercharger working on your cars and sho(w) Ford how cool it is, they'll put a supercharger on a possible upcoming SHO.