Ford is NOT safe. I have no respect for GM anymore, and plenty for Ford. However, I would not touch their stock, since 1) you are right about their debt and 2) the UAW is going to hammer them, come contract time.
That said, I do not think they are in any danger of going out of business since Obama could very easily lose re-election if a carmaker fails again now after all these bailout billions. If we have to bail out Ford next, they are going to be hated even worse than GM.
Ford has better products. Better management. Better vision. Better quality. Better understanding of the market. More popular with the younger crowd. They also have the legendary F series trucks versus the dying Silverado.
Most importantly they have a "GET OUT OF JAIL FREE" card if they ever needed it. I realize their debt, but if it comes to that, Ford too could ask for and get assistance like GM did.