As the only one of the “Big Three” that did not take a federal bailout from Washington, Ford is enjoying its time in the spotlight as the domestic automaker winning “Most Likely to Succeed.”

Ford appears on a few automotive magazine covers next month, and although sales are still slipping badly as they are for all carmakers, Ford’s new line of products is garnering favor among early reviewers. Its Ford 150 pickup won 2009 Truck of the Year. This spring, the Ford Fusion hybrid will hit the market. Ford is refitting a Mexican assembly plant to produce a small car for the American market, the Ford Fiesta, and next year will create a line of small cars with a small delivery truck and electric car.

Forbes gushes about Ford’s CEO, Alan Mulally:

Let us not forget the contributions of Alan Mulally, Ford president and chief executive. This ex-Boeing executive may not have known the car industry but seems to have given Ford the stability, purpose, focus and common sense that had been lacking for years.

The negative side to all this good news for Ford is that the company is blowing through cash, its sales in Europe had been strong but are getting weaker, and because it already mortgaged all its assets for the massive credit line that has put it on more solid financial footing than GM and Chrysler, it has no way of gaining more credit after tapping its final $10 billion credit line. Stock prices are down, and of course auto sales are skyrocketing to unprecedented low levels.

Despite all this, Ford is better off right now than its Detroit rivals.

Should a couple of other Detroit icons go down–not that anyone wants them to fall–then Ford would be the last American standing, which could be an advantage.