There are two versions of the Cayenne, both built around Porsche's new 4.5-liter dohc V8 engine with automatic transmission and full-time, variable-torque all-wheel drive. The less expensive Cayenne S retails at $55,900. For that money, you might also buy any of these luxury-class SUVs and leave anywhere from $14,000 to $2,000 in the bank: an Acura MDX, a BMW X5, a Cadillac Escalade, a Hummer H2, an Infiniti FX45, a Lexus GX470, Lincoln Aviator, Mercedes ML500 or Volvo XC90 T6.

The normally aspirated Cayenne S delivers 340 horsepower (more than most of the SUVs noted above). Standard features include luxury-class requisites such as leather seating with 12-way power adjustment, automatic climate control with dual front-passenger settings, heated retractable exterior mirrors, multi-function trip computer and a 350-watt, 14-speaker Bose stereo with CD. The Cayenne S also comes with insulated laminated glass and sophisticated anti-skid electronics.

Beyond the electronic skid management and the latest-generation antilock brakes, all Cayennes get luxury-grade passive safety features, starting with six airbags: dual-stage front and side-impact airbags for front passengers, and curtain-style head protection airbags on both sides of the cabin. All five seating positions have three-point belts with pretensioners to instantly tighten them and limit stretching on impact. The front belts also have automatic force limiters, reducing potential for belt-related injuries.

From the Cayenne S, Porsche raises the ante considerably for the Cayenne Turbo. At $88,900, the Turbo costs more than just about any SUV on any planet, including Land Rover's Range Rover. Yet with a twin-turbocharged version of the V8 and a whopping 450 horsepower, the Cayenne Turbo also delivers more power than any other SUV.

The Turbo also adds adjustable air suspension with Porsche Active Suspension Management (PASM), a variable dampening system that uses five accelerometers and electronically controlled adjustable shocks to manage body weight transfer both on and off road. The Turbo includes upgrades such as heated front and rear seats, electric steering wheel adjustment and park-assist radar warning front and rear. It's equipped with Porsche Communications Management (PCM), a GPS navigation system with integrated telephone and audio controls. Finally, the Cayenne Turbo has bi-xenon headlights that turn, Tucker-style, with the steering wheel.

Most everything on the Turbo is offered on the Cayenne S as an option (except the turbocharged engine). We drove both models, but the primary test vehicle was a Cayenne S with these extras: air suspension ($3,200), PCM ($2,700), all-seat and steering wheel electric heaters ($960); power glass sunroof ($1,100), a dark Burr walnut wood package ($990), front and rear parking assist ($990), tire-pressure monitor ($590), a trailer hitch and ball ($590), a roof carrying system ($450) and Lapis Blue metallic paint ($495). So equipped, this S model retails at a substantial $68,760 with destination charge.

Other popular options include a six-disc CD changer ($715) and huge, 20-inch sport wheels ($2,110). There are seat upgrades and a full Smooth Leather package that covers everything from grab handles to the center console in hide ($3,200). There's also a light Olive wood package, two different wood-trimmed steering wheels ($240) and Porsche Entry and Drive ($1,960), which allows a driver to unlock and start the Cayenne by pulling the door handle and touching the shift lever. Owners can customize their SUV with Porsche's Tequipment line of dealer-installed accessories, from stowage systems to running boards to stainless steel brush guards. Finally, there is Porsche's Exclusive factory customization program. This is where sheiks go to have their Cayenne painted the color of their finest stallion, or where superstar ball players get upholstery fashioned to match the worn leather of their first baseball mitt.

The most glaring omission on the option list is something every Porsche loyalist expects: a clutch-operated manual transmission. The Cayenne's six-speed manual won't be available before the 2004 model year. Porsche loyalists also know that S usually designates higher trim models, and there is room underneath the Cayenne S for a less expensive version. We expect to see a six-cylinder Cayenne introduced for model-year 2005.