I'll tell you, up until recently I was not much of a Ford fan. To me, they were a bunch of soulless rental cars. However, Ford has made great strides to move themselves towards higher quality levels. All rumors around the next gen Focus platform is that it will be a major contender in its size class.
The current car, though a bit spartan on the interior, has done quite well in the eyes of the automotive press in its rigidity, ride and handling department, even if it doesn't have what I feel are class-leading motors or interiors.
Ford hopes to improve that, and the next gen Focus will have awd most likely, in addition to a deep partsbin. Further, the next gen 30/40/50 series are rumored to be designed for use with the I-5 motor, which will mean Volvo motor placement in the cars. AWD will most likely be Haldex, so any new small Volvo will be more Volvo than you think.
And, in my personal opinion, I'd rather see a Ford co-developed base model than a Mitsubishi one. Even though I think the current 40 is quite good, I think the replacement will be all the better.
Further, Ford has taken great pains to get their cards in a row. They've hired great names in the business to put on their team. J. Mays (of VW New Beetle and Audi Avus fame) is VP in charge of design, Wolfgang Reitzle (of BMW fame) is at the helm of the Premier Automotive Group, and Colin McRae (of WRC Champion Fame with Subaru's Rally Team) drives the Focus WRC car now. Ford has shown that they are willing to invest heavily (Jaguar) to further develope a brand, and Volvo has been left well enough alone to develope on their own.
I'll get off my soapbox, but I think Ford ownership will not be as bad as many hardcore Volvophiles believe.