Ok, so we all know what amps are being modeled in the Mustang.
Wait, what's that? You don't? You think I'm talking out of my $@! about what each amp is? Oh, well let me explain...
We all can clearly see which amps are being modeled from Fender:
1957 Fender Champ
1957 Fender Deluxe
1959 Fender Bassman (4x10 combo)
1965 Fender Princeton Reverb
1965 Fender Deluxe Reverb
1965 Fender Twin Reverb
Fender Super-Sonic (burn channel)
Ok, good. We got that, yadda yadda. But what about the other ones? Well, go into FUSE and look at those models yourself. You can do simple Google searches to confirm what amps those are "supposed to be" if you know what to look for. Since I do and most of you don't, I did it for you. -.-
[BRITISH '60s]What band was HUGE in the 60's? The Beatles and the Rolling Stones. What amps did they use? Back in the day, VOX was the big amp company in England. So naturally, you get this:

Well, what does that amp look like? Let's check Google and find out.

Holy crap, that's a VOX AC30. And you can even check out the panel on top of the combo:

So, you can tell that it's a VOX AC30. Now, what speakers came with the AC30? Well, honestly I don't know. But I do know that the AC30 is a 2x12" combo. So what did Fender supply us with in the Cabinet Simulators? Something called 2x12C. Hmmmm, I wonder what the C could stand for...
Anyway, am I the only one who noticed Fender's mistake in FUSE when they did the picture there?

Mistake...or intentional? Hmmmm... Next:
[BRITISH '70s]What was the big one in the 70's? Well, first off lets look at the Fender Mustang amp. Their own slogan says "High speed, amped up, and LOUD!" That usually means ROCK. The biggest rock amp in the 1970s was the Marshall 1959 Super-Lead Plexi (reissues are called the 1959SLP - can you figure out what those letters stand for?). Don't believe me?

That looks so much like this...

...that I can't help but think it MUST be a Marshall 1959SLP...because that's what that picture is. It also sounds just like one, especially whe you use a Greenback cabinet. Now, I find it very weird that Fender would choose to have the cabinet picture on FUSE wear a salt-n-pepper grillecloth, most commonly found with the old JTM45 cabinets. Those had Alnico Gold speakers in them and was really only found in the late '60s. Besides, the JTM45 was a modified Bassman anyway, so Fender must have been "Well, they copied from us anyway, so we'll just put the REAL Bassman in there and be done." Awesome choice, by the way, you Fender guys. No, what gets me is that the most often used cabinet with the 1959SLP is the 1960AX loaded with Celestion Greenbacks. That cabinet is the default one selected in FUSE anyway, the 4x12G cabinet simulator. To their credit, Fender got that one right. Just the picture urks me.
Moving on by decade brings us to:
[BRITISH '80s]OK, so we ALL know what happened in the '80s. Hair Metal Bands. And what did they overwhelmingly choose to use? Remember, we're talking BRITISH bands, not American ones here. Yes, you got it - the legendary Marshall JCM800 2203 (with Master Volume control).

So let's do a Google search, shall we...

Very nice. Now a lot of people have debates over what sounds better for your cabinet simulator, the 4x12V or the 4x12M. Well, here's the difference between those two simulators. The 4x12V models a 1960AV 4x12" cabinet loaded with Celestion Vintage 30s (hence the
V). The 4x12M models a MODERN 1960A 4x12" cabinet loaded with the stock Celestion G12T-75 speakers.
Yeah, yeah, but we don't know speakers. That's all greek to me! Well, ok here's my best description of the two. Vintage 30s were made with a boost to your MIDs. So they're very mid-heavy and when cranked up loud, give you a very balls-to-the-wall sound. It also overdrives very smoothly.
The G12T-75 speakers, however, were voiced quite differently and for a much more modern rock sound...I'm talking about emphasizing treble and bass frequencies. Now, if you COMPARE them to the Vintage 30s, they sound very scooped...but only in comparison. The mids are there, you just hear less of them. That's why those two speakers are usually a decent pair...if the Vintage 30 didn't have a +3db efficiency rating (read: LOUDER at the same volume settings).
Now, me personally, I love the JCM800 sound with the 4x12M, but I know a lot of other people would disagree...including Slash (who usually uses 1960AV/BV Vintage 30 cabinets almost exclusively). And the weird thing about that is...that's the same cabinet that Fender assigned as default - the 4x12M. That's a win for me.
Moving on, we have:
[American '90s]Ok, now we're getting into stuff like Metallica, Megadeath, etc. American metal bands.

Pretty nice picture. Let's see what Google gives us for a Mesa Dual-Rectifier...

That's the best image I could find of the faceplate, but you get the point. It's a Mesa Engineering Dual-Rectifier Solo head, pushing around 100 watts. The default cabinet in FUSE for this one is the 4x12V. Not bad, considering that Mesa's 4x12 cabinets for the Dual-Rec and Triple-Rec all come with Vintage 30s installed.
And last but not least, the fizziest amp of them all (because most of us are too chicken to really turn our Mustang amps up LOUD):
[Metal 2000]I find the name here quite appropriate, as I would NEVER use this amp model if I wasn't playing Death Metal or some other God-awful noise. If you turn the gain WAY down, you can pull off a passable Eddie Van Halen, but I'm not that good a guitarist yet. I just know technical stuff.

This amp model has been debated a bit, but judging by the sound of the amp when played up loud, I'd have to say it's a Peavey 5150. Why not a 6505? Well, honestly they're the same amp. According to Wikipedia, Van Halen parted ways with Peavey in 2004 and took the 5150 monicker with him. So since Peavey was celebrating their 40th anniversary (1965-2005), they named it the 6505. GOOGLE!

Ok, so we got the hexagonal front grille, check. See through it to the power tubes behind, check. Chicken-head knobs on the faceplate, check. Now you can see the resemblance. I also found a good one of the 6505+.

For what it's worth. This amp comes with a 4x12" loaded with Sheffield 1200 specially-voiced speakers (according to Musician's Friend's website). Fender didn't include that cabinet model, so instead they default this amp to the 4x12G, the Greenback speakers (same default as the Marshall 1959SLP model). Sounds pretty awesome, but also sounds decent with the 4x12M cabinet.
Wow...I'm getting tired of typing.