"Ah, yes. The Ferrari 458. It's red and it's got lots of switches, knobs and buttons. The trouble is that any sort of test of this car requires a lot more time not only in the driver's seat driving, but also with the car stationary and with a race-engineer boffin-type to explain all the available settings. Obviously, as a proper bloke, this was completely out of the question... instructions are for girls. And to be perfectly honest, I assumed that with some Enzo experience, as well as familiarity with the new California, it would all become crystal clear. Sadly, this was a mistaken assumption. I ended up feeling as though I'd just knocked out "My Old Man's A Dustman" on Eric Clapton's favourite Strat.

The reality, and perhaps one of this car's finest qualities, is that the 458 is really easy to use at a basic level. For starters, unlike so many supercars, you can actually see out of it. This may sound a little obvious, but all too often it seems that the manufacturers of some of these wonder machines assume you have a man with a red flag walking in front to clear the way. Sometimes these supercars seem to be the development platforms for the production cars, with the customers acting as test drivers. Actually, Ferrari has done this officially with the FXX Enzo, where the data taken from track-day testing by customers was downloaded to the factory race department. I'm not sure if much was learned from the privateers struggling to get to grips with 700-odd brake horsepower, but I think everyone enjoyed the experience. And, inevitably, some of that research must have found its way to the 458. Apparently the 458 in Challenge form is only two seconds a lap slower than the FXX...

I digress. What the 458 does is allow the serious driver to set the car up to his or her personal requirements according to the road conditions and the type of driving anticipated. The big news here is that even with Jack the lad at the wheel, it's going to be faster on a circuit with the traction control engaged rather than switched off. In this respect, the car is (almost) foolproof, and all the more magical for that. There was a time when traction control was used to slow the car down as soon as events became exciting, to ensure adhesion to the road. Now it simply enables the driver to press on far beyond that and power the car through a corner, even in the wet, with the only drama being the loud squeal of tyres and passenger.

Bear in mind, though, it's still a matter of degrees. Even on the softest setting it's unlikely to threaten a Rolls-Royce in the comfort stakes, but then the Ferrari is likely to finish a lap of the Nürburgring Nordschleife so far ahead that there will be time to get the best table in the nearby Pistenklause and be through the restaurant's speciality, pig's trotter, by the time the Roller arrives. I know this because I once took a Phantom around the 174-corner, 13-mile track, and it's perfectly capable of turning in a respectable lap time if pressed, but it's still only going to finish in time for the coffee and mints.

For those interested in the technical specifications, slip on that anorak and we'll begin. A 4,499cc, V8 engine powers the 458 Italia, producing 570bhp at max rpm (9,000) with direct fuel injection. Transmission is a Getrag dual-clutch, seven-speed unit, similar to the California. Suspension is double wishbones at the front and a multi-link setup at the rear, coupled with E-diff and F1-Trac traction control systems. ABS CCM brakes ensure that 62-0mph braking distance is down to 32.5 metres. The magnetorheological dampers (have you lost the will to live yet?) were co-developed with Delphi, and the car is fitted with Bridgestone Potenza S001 tyres. Surely that's enough? No? Ferrari's official acceleration figure is 0-62mph in 3.35 seconds, while the top speed is more than 202mph. And I can't believe you want the fuel and downforce figures as well...

Perhaps the most important part of the story is that the car looks stunning. The body was designed by Pininfarina, as with all recent Ferrari models. It really is one of the most elegant cars to come out of Maranello and the simplicity of the shape is in many ways a return to earlier principles after the extremes of the Enzo. The interior is both spacious and practical. So it should be, as seven times Formula One world champion Michael Schumacher was involved in the design, and the steering wheel is the closest yet to the one you see on a current Formula One car, with almost all the required controls fitted on it.

And if you haven't been leaning over a Formula One car recently, I can tell you it bears a startling resemblance to the one you see on the screen of your favourite driving video game. But you may wish to stick to the games console when you hear the pricing. The list price is £170,000, and that's before an iPod connector that weighs in at £540, which is the tip of an iceberg of good accessories you would probably want. The future for this sort of car is an ever-increasing list of options to enable you to create your very own vehicle.

And what of the opposition? The good news is that it is the best Ferrari yet, and you don't have to go scrabbling round Arthur Daley's forecourt to try to pick up that old classic. But there are plenty of contenders anxious to climb into the ring. Porsche has the 911 GT2 RS, but it does it all in an older-fashioned way. There's the Audi R8 that has a four-wheel-drive transmission system that's frankly the most sophisticated out there, but it's slower at the top end (196mph). Then there's the Mercedes SLS AMG: you see it working as the safety car at Grand Prix races which must mean something. It's a lot cruder than the 458, and is probably most suited to a midfield player at the top of the Barclays Premier League.

For double the money there's the Lexus LFA: all carbon-fibre body and chassis, it uses a 4.8-litre V10 and has a sci-fi appearance. It's limited to 500, which bodes well for residuals. The Noble is also not cheap (a rather startling £200,000-odd) but adored by all who've driven it. The Lamborghini Gallardo Superleggera is now a little outdated technically, but certainly not a hairdresser's transport (unless it's the chap who did Samson's hair). And if you must buy British there's the Aston Martin DBS: looks fantastic, has a tailored, modern British feel inside, but it's a real modern muscle car.

Finally there's the dark horse - the McLaren MP4-12C, which is intended to go head-to-head with the 458. So far McLaren has only produced one model (the F1/GTR) and a run of 100 cars, which would be pathetic if it wasn't for the fact that one of them won Le Mans on its first outing, and the cheapest you could find one of these 15-year-old cars is around 200 per cent its list price of £600,000. The MP4-12C has a clever carbon-fibre monocoque chassis and a highly sophisticated 3.8-litre, 600bhp twin turbo. The chassis and electronics are F1-derived and the interior seemingly wraps around the driver.

In fact, the McLaren is probably the only car that can really take the technology fight to Ferrari. But it's not quite in the shops yet, so really the most difficult question that you will face is whether to have the 458's seats monogrammed, or accept that you will want to sell it one day. And there may be a problem in limiting your potential buyer to someone with similar initials. Probably safer to settle for "His" and "Hers". I leave it to you to decide who gets the driver's seat...

You need to know: The Ferrari 458 Italia may have been officially based on the outgoing F430, but it features a series of new elements including aerodynamic refinements and a seven-speed, twin-clutch gearbox.

Engine: 4.5-litre, V8; 562bhp

Performance: 0-62mph in 3.4 secs; top speed "more than" 202mph

Price: £170,000

Contact: ferrari.com