I agree that I've been looking at investing in Ford, but I heard an interesting perspective that GM's bankruptcy may also trigger Ford to eventually go under as well in the distant future due to having to compete with a now debt free GM, as well as the potential fallout from suppliers.
I invested in Ford when they were very low, late February, and I have made a 200% gain thus far! Too bad I'm young and don't have much to invest, but still. I think the fact they didn't refuse the bailout is evidence that they are a competent and efficient company. The new Ford Fusion hybrid is an American answer to the Prius. I suspect they will surpass GM in market share, possibly Volkswagen as well, globally.
I don't think GM will knock Ford out simply because Ford has far superior products. Of the big three US automakers, Ford is the only one that can compete with Japanese automakers in terms of longevity and quality (not in the past, but they've really pulled themselves together these past few years). I would wager that GM will improve, but that the government influence could also hurt. Politicians may force them to do things for political reasons such as build a plant in the US, even though the cars built in that plant will be sold in China, South America, or Europe. They may not, but government influence is rarely a good thing.
One final point. The fact that Ford didn't go into bankruptcy nor took bailout funds has a psychological effect on consumers. They will have more trust in Ford than in GM or Chrysler, and for good reason. If I were to assess the situation, I would say that Ford and GM will effectively switch places in terms of market share in the coming years.