Ferrari doesn't find itself on the back foot too often. Accustomed to setting the pace, the styling agenda and the technological state of the art in the supercar division, Ferrari have, of late, seen themselves locked in catch-up mode. A whole slew of pretenders to the 360 Modena's crown saw the lithe Ferrari outgunned, outmuscled and some would whisper outclassed. The response has been unambiguous. The F430 has been designed to punt Ferrari back onto its accustomed top step on the podium.

As ever, Ferrari's perennial challenger, Lamborghini, has been the thorn in their side. The 492bhp Gallardo made the 360 look rather quaint and even the racy Challenge Stradale version was launched only just in time to be battered into submission by Ford's GT supercar. The problem Ferrari faced was that unlike, say, Porsche they couldn't turn up the wick on a turbocharger to release a mountain of extra horsepower. The 360's 3.6-litre normally aspirated engine was already squeezed until the pips squeaked to produce 400bhp. The company knew that the answer lay in more capacity.

The F430 - as the name suggests - features a 4308cc engine derived from that which powers the Maserati Coupe and Spyder models. Like its predecessor, it employs a flat-plane crankshaft which means that the peak power of 483bhp will come at a heady 8,500rpm, in turn guaranteeing one of the greatest automotive soundtracks in the world. Lessons learned in the development of the 360 Challenge Stradale have also pared weight from the F430 body with the result being a power to weight ratio of 333bhp per tonne. This puts the Gallardo (324bhp per tonne) and the Porsche 911 Turbo (246bhp per tonne) firmly in their places.

"Rather reassuringly, Ferrari haven't pointlessly chased maximum horsepower"

Unlike both of these rivals, the F430 doesn't utilise all-wheel drive to deploy its power, instead relying on the same rear-wheel drive mid-engined layout as one of the company's all-conquering Formula One cars. Ferrari may have eschewed four-wheel drive as a principle but they're not averse to learning a few tricks developed in all-wheel drive cars. An active limited slip differential - E-Diff - monitors driver inputs, wheel slip, yaw and much more to direct power to whichever of the rear wheels is best equipped to deploy it. In many respects, it's not dissimilar to the system Mitsubishi use to great effect in their Evo VIII all-wheel drive rally replica and greatly assists traction without 'dumbing down' the feel in the way that an electronic traction control device is occasionally wont to do.

When the 360 Modena was launched, a suspiciously quick set of performance figures was obtained by one of the leading UK magazines, leading to all sorts of speculation as to whether the car was in standard trim. Certainly a sprint to 100mph of 8.8 seconds was savagely quick, eclipsing anything the 911 Turbo and Gallardo were capable of. Quite how the vastly more accelerative F430 will measure up to those figures remains to be seen, but Ferrari claim a maximum speed in excess of 196mph and a sprint to 60mph in comfortably less than four seconds which is enough for most. Rather reassuringly, Ferrari haven't pointlessly chased maximum horsepower. Perhaps knowing that some Mercedes coupes generate over 600bhp has focused the F430 on capability rather than ridiculous power. Besides, the upper echelon of performance cars now seem to have reached a plateau in terms of straight line speed. The F430 instead looks to corner as well as it goes.

The aluminium chassis is draped in lightweight alloy body panels. Carbon ceramic brakes are offered as an option and many 360 details remain, such as the basic suspension layout and that glazed-in engine window at the rear. Electronically variable dampers akin to Maserati's Skyhook system debit and the geometry and assistance of the rack and pinion steering have been sharpened. The body shape is very clean, helped by the fact that much of the serious aerodynamic work occurs beneath the car. A flat undertray and rear diffuser help adhere the car to the tarmac and an early-morning sight of a prototype F430 circling Germany's Nurburgring attests to the fact that it seems to work very well.

One area where the 360 Modena disappointed slightly was in the rather uninspring design of its interior. The F430 makes great strides in this regard, Ferrari's American design chief Frank Stephenson concentrating on quality and detailing. In a Formula One design cue, the steering wheel features a knob that controls the dynamic settings. Unlike an F1 car, this includes a 'winter' setting alongside those of 'sport' and 'race'. There's also an 'engine start' button on the wheel which seems a little gratuitous. The fascia is trimmed in leather and the alloy pedals are beautifully finished.

The exterior lines are purposeful rather than beautiful. The 360 was no great beauty, many lamenting the F355 and 456 as the last of the truly handsome Ferraris and the F430's silhouette is an evolution of the 360 shape. The shape of the intakes and the headlamps are the key visual cues while the rear end features Enzo-style tail lamps that jut through the line of the rear deck. Look closely and there is some very tasty detailing, including the monogrammed rear view mirrors and the fantastic alloy wheels.

In an attempt to balance demand with supply, Ferrari have continued to increase the asking price (currently around £130,000). There's also a more track-focused 430 Scuderia model for around £43,000 more or a Spider Convertible for those with a budget of around £140,000. The Prancing Horse may well have regained the lead in this sector, albeit by a nose.