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One season starts this weekend in Melbourne and it looks set to herald one of the closest run championship races for years.
It is also the 12th occasion the race in Australia has opened the new season, with the 2006 race moving to an April date due to the Commonwealth Games.
Lewis Hamilton began his F1 career in Melbourne last season by taking third place with Vodafone McLaren Mercedes. It was the start of nine consecutive podium finishes and missing out on the title by a single point.
He said: "Now I know what to expect, I know about my preparations so I am storing energy. To some people it might appear that I am quieter or something along those lines, but I am saving all this energy for the first race, and I cannot wait to get out there.
"We need to go there with total confidence in the car, which I have and to get off to a really good start, it needs to be the best start possible.
"So I am going there with the aim of winning the race, and we will all work hard to try and achieve that."
Bahrain Mumtalakat Holding, a company wholly-owned by Bahrain, holds a 30 per cent stake in McLaren.
Will it be Kimi Raikkonen or Lewis Hamilton? Fernando Alonso or Felipe Massa?
To add spice to the debate, I will throw in a few more names - debutants Sebastien Bourdais and Nelson Piquet - and stir it with veterans like David Coulthard and Mark Webber. A hazy picture indeed, but nevertheless fascinating.
With the opening race of the new season set for Sunday in Melbourne, the starting grid presents endless possibilities. But the most striking feature for me this season is the fact that the best three drivers of last season - Raikkonen, Hamilton and Alonso respectively, are with different teams - Ferrari, McLaren and Renault.
A thrilling three-way race with Massa providing another attractive fourth angle can be a perfect sequel to the 2007 season which went all the way to the wire. Add to it the fact that the leading cars still look faster despite the banning of traction control and other electronic driver aids to raise the level of expectations another notch or two.
At another level, Formula One will also be taking a step into the dark with Singapore ready to host the first night race. All in all another exciting year is on the cards.
Here are my prospects for the new season.
FERRARI
(Kimi Raikkonen and Felipe Massa)
The defending champions were the most impressive in pre-season testing. Raikkonen was about 0.1-second faster than Massa. The Finn will certainly start as a logical favourite with a championship title already under his belt. But Massa will not be far behind in what many consider the most driver-friendly car.
BMW SAUBER
(Nick Heidfeld and Robert Kubica)
The most impressive team after Ferrari and McLaren and they proved it last season. But still a gap of 0.3 seconds as seen during pre-season testing can make all the difference between winning a podium spot and finishing with minor points. However, Renault's Alonso feels this is the team to watch this season.
RENAULT
(Fernando Alonso and Nelson Piquet)
With Alonso back in the driver's seat, this team cannot be discounted easily though pre-season testing has not been very encouraging. Rookie teammate Nelson Piquet Jr, son of three-time champion Nelson senior, will be a perfect foil to Alonso. The duo will certainly be looking to put the team back on the winning track after a winless season even though they have a lot of ground to cover.
WILLIAMS
(Nico Rosberg and Kazuki Nakajima)
An exciting team with two young drivers hoping to revive the golden days of yore. Both drivers made impressive gains in pre-season testing and look to carry it on to the track. Rosberg in particular will be the focus of much attention since McLaren's failed bid to lure him to replace Alonso. The team will be trying for a spot in the top five at best.
HONDA
(Jenson Button and Rubens Barrichello)
Another team which regularly promises to deliver so much, but delivers very little. The car was evidently slow in pre-season testing despite the arrival of former Ferrari talisman Ross Brawn. Though the team looks revitalised, it is too early to say if it can start producing results. Their only cause for celebration this year may be Barrichello's record for most Formula One starts.
RED BULL
(David Coulthard and Mark Webber)
A wily driver-line-up can compensate for possible lack of reliability. The duo can even press for a podium finish on a day of incidents and accidents in the new Adrian Newey-designed car. One to look out for in the middle of the grid.
TOYOTA
(Jarno Trulli and Timo Glock)
A hugely disappointing 2007 and exit of veteran Ralf Schumacher has left this team under a shadow. This team with one of the biggest budgets has been consistent under-achievers. But the team is optimistic this year with a new car containing radical changes. They may not be able to challenge Ferrari and McLaren yet, but can expect to run the Williams and Renault close.
TORO ROSSO
(Sebastien Bourdais and Sebastian Vettel)
A struggling team with a new car yet to arrive. But the two drivers are fresh and more than eager to prove a point. Bourdais is a four-times Champ Car champion and Vettel is a promising young driver. If not the team, at least the two drivers are the ones to keep a close eye on.
SUPER AGURI
(Takuma Sato and Anthony Davidson)
Struggled to survive in 2007 and that struggle may well continue this year.
FORCE INDIA
(Giancarlo Fisichella and Adrian Sutil)
Indian billionaire Vijay Mallya's dream team is set for a difficult debut. 'Force India lacks power' or 'Force India lags behind' may make headlines in Indian newspapers.
MCLAREN
(Lewis Hamilton and Heikki Kovalainen)
Hamilton will start as the sentimental favourite after having lost the title by a mere point last year. Stripped of all their constructors' points and fined $100 million for the famous spying controversy, McLaren will be looking forward to starting the new season on a high in Melbourne, Hamilton in particular. This is the team to watch out for not because of Hamilton alone. Kovalainen can be a force to reckon with too.
