As with the outgoing Cayenne, you can easily blow 10 or 20 grand on options. One of the Cayenne Turbos we drove was loaded with those new features plus the panoramic roof, a heated windshield, the high-end Burmester surround-sound system, and RS Spyder Design wheels, among other upgrades, bringing the total to almost $125,000.

Power for the Cayenne S was upped to 400 horsepower verses 385 for the outgoing model. (Photo: Motor Authority)

The new Cayenne S once again comes with a 4.8-liter V8, now making 400 horsepower versus 385 in last year's model. The Cayenne Turbo gets a twin-turbocharged 4.8-liter that makes 500 horsepower. Top speeds are up to 172 mph for the Turbo, 160 mph for the S and 150 mph for the S Hybrid.

Both V8s have much-improved fuel efficiency, with the Turbo rated at 23 percent more stingy with gas than the outgoing model. That's in part thanks to an all-new eight-speed Tiptronic S transmission, offered on all 2011 Cayenne models, that spans a very wide set of ratios. Better thermal management, a smart alternator system, a variable deceleration fuel cut-off and the weight savings all also play a role.

So does Auto Start-Stop, a feature that will automatically turn the engine off at a stoplight and restart it when you lift off the brake. While the Euro-spec versions we drove default to turning the start-stop system on, U.S.-spec Cayennes will likely default to turning system off.

Of the two V8s, both are sweet and responsive, but we most enjoyed the Turbo, which has the most personality of any in the lineup. It has a raucous, pulsing exhaust note and mammoth, instantly accessible torque available from low revs, lending a relaxed, almost effortless feel to on-the-road driving. In the Turbo, a stomp down at 70 mph commanded a downshift from 8th to 3rd gear and a mad rush to triple-digit speed.

Cayenne is one of the few SUVs that can impress both on the track or off road. (Photo: Motor Authority)

All that extra power could get you into trouble, but electronics systems makes sure it's all in check. Porsche's stability control system now includes a Porsche Torque Vectoring feature that helps redirect power application to the wheels that will result in best stability, either during high-performance driving or in slippery conditions.

These features work together with the PASM air suspension system when so equipped; we found them to give the Cayenne a surprising level of composure over a sudden crest in the Barber course, the wheels only momentarily jockeying for the best traction. The Cayenne has a level of poise that outshines the BMW X5 M or Infiniti FX50 at fast track speeds.

The S and Turbo have a firmer steering feel compared with the Hybrid, and the wheel returns to center more intuitively out of tight corners. In any of the models, the steering seems very muted and isolated, with surprisingly little road feel compared with Porsche’s sports cars. On either of the V8 models, the brakes are phenomenal, of course, feeling barely taxed after a long stint of track time.

Although few Cayenne owners will ever take their luxury ute off-road, Porsche still feels the need to offer trail ability in its SUV. So it's amazing that the 2011 Cayenne can trundle through sand and mud one hour, then after a quick cleanup head right out for hot laps without even a change of tires. No other SUV can do that with the same athleticism, finesse, and flavor as the Cayenne.