No, the Volvo is actually better. Mostly because it's not put together by UAW goons.
I'm waiting for the dealer over here to get an 08 in (sales have been slow for their remaining inventory, I wonder why) but based on past experience, it will probably still suck. The suspension tuning was rubbish, and the very first one I drove a few years back with a CVT had the transmission grenade with 20 miles on the clock. The second one had a transmission that made some very disturbing noises. The third one I drove was a rental (last year) and it was pretty bad for the class. Not as embarassingly bad as the last Taurus, but in a class with the Chrysler 300, it's definitely not up to par.
08' has new front and rear fascia, interior upgrades and 60+ more ponies. The CVT is gone, 6 speed is the norm. For what it's worth I really like the CVT and with 20K it has not grenaded.