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Before Lamborghini's Gallardo arrived, Ferrari had plans to refresh its popular 360 Modena, perhaps adding a few extra ponies under the bonnet and a mild change to the front and rear ends.
But how things change when a little competition - and lost market share - spoils an otherwise blissful party that Ferrari had been enjoying in the wonderful world of automotive exotica.
As we reported a few months back, the F430, which we then referred to as the 430 Modena, was being tested in disguised fashion, and now Ferrari has come clean with the 360 Modena's successor.
Gone is the Modena namesake, replaced by the more technical name of F430.
The F430 is the 360 Modena's replacement, but on a combative level it's designed to take on the universally acclaimed Lamborghini Gallardo, grind it into the ground and then turn up its nose as it races off into the distance in a puff of tyre smoke.
It is a low-to-the-ground, two-seater rear wheel drive sportscar built for high 'G' cornering, has a mid-mounted V8 engine, is constructed from high-grade aluminium, has the latest generation 6-speed F1-derived gearbox and of course Ferrari's trademark exotic styling that makes grown men swoon.
The F430s exterior design is close to what spy shots hinted at previously, as the front end has Enzo-inspired headlight clusters, albeit with slightly more rounded edges.
Twin oval air dams in the front fascia give it a more organic look than the 360 Modena, while vertical cutouts in front of the front wheels draws the eye to the front end and the smoothly sculpted bonnet.
From the rear, the look is even more reminiscent of the V12-powered flagship Ferrari, with almost-identical circular brake lights and what appears to be a speed-sensitive pop-up rear wing.
The multifaceted rear diffuser located between quad chromium exhaust pipes injects a good dose of street cred.
Furthermore, there are two enlarged mesh-covered air intakes adorning the top of the rear quarter panels and another two sitting lower, just in front of the rear wheels. (NB: click images for high res versions.)
While the sculpted air intakes look great and embolden the F430s look considerably, they serve the purpose of feeding air into the engine bay, which is located behind the driver and slightly forward of the rear axle (mid-mount positioning).
Their extra size accommodates the larger 4.3-litre V8 engine (up from 3.6-litres), and the rear windscreen also has air vents to keep the engine bay well ventilated, and overall the new look is very easy on the eyes, and propels Ferrari's volume-selling model stylishly into the 21st century.
Ferrari will be showing the new F430 for the first time publicly at the 2004 Paris Motor Show, and on paper Lamborghini's 5.0-litre V10 beats out the new Ferrari V8's peak power output by just 10 horsepower, and it's also marginally lighter too, with the Lambo weighing 1430kg, while the new Ferrari tips the scales @ 1450kg.
Does this mean that Stampeding Bull will kick the Prancing Horse in the teeth? Not necessarily, but before we go any further, let's get some statistics out of the way: