If you're a regular here you'll know how much we love the Lotus Elise. We make no excuses for raving about it, as it is exactly what we, as enthusiasts, want to drive and own. The only chink in the Elise's armour has been an under whelming power plant. The Rover K-series unit has always been up to the physical task of propelling the lightweight Lotus, but lacks soul. My dream car has always been an Elise with a Honda V-TEC type engine, and bugger me if they haven't gone and made it! Thanks to Lotus's desire to break into the lucrative US market, a new engine was needed in order to meet strict legislation. The engine they chose was the 1.8-litre VVTL-i unit from Toyota; not V-TEC then, but as near as damn it is to swearing.

Our test car looked stunning in its deep blue paintwork. Whilst still undecided about the Miura-esque plastic strakes on the ducts, I love the rear diffuser on the latest Elise. It looks fantastic and purposeful and when you're moving you can feel the benefits. The only indications that this is the pinnacle of the breed, aside from the subtle badging, are the twin pipes poking out the centre of the aforementioned diffuser tray. Those are the only hint at the potency lurking amidships.

How potent exactly? The specification sheet says 189bhp and 133lb.ft of torque. In isolation these numbers look impressive enough, but they don't tell the whole story. To get a true grasp you have to look at the engine speeds these figures are produced at: 7800rpm and 6800rpm respectively. Oh yes, this is a good old-fashioned screamer of an engine, with a difference. The joys of variable valve timing ensure a decent spread of torque low down as well as high power output in the upper reaches of the rev range, so even when pottering you can move with highly respectable pace. It's only in the twilight zone however; above the 6200rpm point where mild cam gives way to crazy cam, that the performance becomes indecent. Each derestriction sign has you counting up: three, four, five, siiiiiix... The cam change is accompanied by a noticeable upturn in acceleration and a suitably grin-inducing transformation of the engine note: mild hot hatch meets Armageddon; someone just dropped chillies in your Korma. Hairs on neck leap to attention as the valve train sounds like it wants to get out of the rocker cover and the exhaust and induction emit suitable gulp and rasp effects. It adds a whole dimension to the Elise experience, and it isn't just noise.

Aided by its inherent awesome traction, this Elise cracks 60mph in 4.9 seconds and hits the ton in a further 8.1 seconds, allowing the Elise into junior supercar territory in a straight line for probably the first time in its life. On most roads this firepower will keep all but the most determined Ferrari driver honest. On tighter, twistier roads it makes the 111R a genuine giant killer capable of humbling all comers. We've said it all before about the Elise's chassis and the fact that its diminutive size allows you to push where a bigger car would force a bit of a pause for thought and mental measurement.

In case you've forgotten, this Elise shares the eye watering cornering speed of any other. It has the same telepathic turn in, marvellous neutrality and throttle adjustability that make every journey a joy. Where the 111R differs is that it has sacrificed a tiny amount of grip (found in such extreme versions as the 135R) for improved ride quality. The 111R is one of the finest riding cars we've driven of any type; a supercar you can drive every day without becoming friendly with a chiropractor. The fact it is also one of the finest handling tells you what kind of a masterpiece we're looking at.

Adding to the everyday usage factor of this latest version is the must-have Touring Pack (a bargain at only £1,500). Air conditioning, electric windows, and roof lining are welcome additions and anti-lock brakes make an appearance for the first time in an Elise. Whilst purists may scoff at the extra weight being added to a car known for its lightweight, I can assure you that 99% of prospective owners would never notice the extra weight. Lap times on a track may be affected fractionally, but the experience is not. The ABS means a servoed brake pedal for the first time and a slight loss of feel, though in everyday driving we found it more consistent and user-friendly than the non-servoed systems in other variants. The steering is unchanged and is, as ever, a joy. Short of rubbing your hands on the tarmac you could not be better informed of road conditions.

As I've mentioned, the revisions making up the 111R add up to an Elise you can use everyday; one that can now be more seriously considered as an alternative to the BMW Z4, Honda S2000, Boxster et al. The daily commute would be no less comfortable; the back road thrash much more intense, intimate and fulfilling. The choice of a Toyota powerplant is inspired. As well as the excellent six-speed box that came as part of the deal another word was automatically inserted into the Elise repertoire: reliability. In the US market, and indeed here in the UK, Toyota has an unbeaten reputation for reliability and that carries huge weight. The association with the Japanese giant will comfort people previously put off by the out of date Lots Of Trouble Usually Serious acronym and see it replaced with something altogether more appropriate like Luscious Object Truly Usable Supercar.

Since its birth, the Elise has probably saved Lotus; the 111R signals another new dawn in its history. I kid you not. This is an amazing car and it pushes the Elise yet further out of sight of the opposition. Not only is it the best incarnation yet of the Elise, it is also one that makes it available to that most lucrative of markets, the USA. Thousands more enthusiasts will be able to bask in the splendour of the baby Lotus and whilst enjoying it everyday they can also rest assured that the revenue generated by its continued sales success will help preserve the marque and fund R&D for forthcoming models to extend the bloodline. That is something every enthusiast in the world should be very happy about.