BY RIGHTS, Jaguar's flagship XJ8 saloon should be the last word in luxury.
The classically elegant shape certainly sets the right tone, the familiar lines reinterpreted for the 21st century to present a more dynamic stance.
The interior trappings don't let the side down either, with the soft, pale leather upholstery and gleaming chrome perfectly complementing the dark grey, maple inserts.
There is a formidable array of switches and instruments in the XJ8, yet it's an easy car to drive and there should be few problems acclimatising to the plush, hi-tech surroundings.
You don't need a formidable user's manual to get out of the car park and there's a great deal of ergonomic logic to the location and operation of the equipment.
The good news doesn't end there either, because the revitalised XJ8 is lighter than models of old, thanks to the lightweight aluminium construction and upgraded suspension and braking.
If former big cats were a little too bulky and wallowing, Jaguar has addressed that by giving the current model sharper handling so that it feels as comfortable on twisting back roads as in the outside lane of the motorway.
Hallmarks like the whispering engine and impressively fluid steering remain as enjoyable as ever. Yet although the XJ8 squares up well against key rivals like the BMW 7 Series, Audi A8 and Mercedes S-Class, it still comes with a price tag that will leave most ordinary mortals reaching for the oxygen mask.
True, you get a formidable list of standard features for your money. But it's significant that many of these features are also available on cars costing less than half the price.
An executive saloon like the Peugeot 607 will set you back slightly over £23,000 with leather seats and all mod-cons. So exactly what more do you get for your money when you slip behind the wheel of a 3.5 litre Jaguar costing more than £48,000?
Yes, the craftsmanship is impressive, and there's a wonderfully reassuring solidity to modern Jaguars that's accompanied by pleasant tactile sensations from the leather, chrome and gleaming veneers, but is that enough to justify such a hefty price tag?
You can't complain about the performance. It may be a big car, with those vast expanses of bonnet and boot making it a couple of feet too long for many parking spaces, but it leaps to 60mph from standstill in a little over seven seconds and, while the 150mph top speed may be academic on British roads, it does signify plenty of pulling power through the range, effortlessly delivered through the automatic gearbox.
This engine isn't the biggest in the range - you can pick a 4.2 litre unit if you prefer, or even splash out £72,000 on a supercharged 400bhp long wheelbase version.
But the response of the 3.5 litre V8 is willing and smoothly delivered, promising stress-free long-distance cruising.
Despite all these plus points, there are still serious reservations about value for money when it comes to interior comfort and space.
It's not so much that the XJ is lacking in these attributes, simply that the cheaper end of the premium car sector has improved so dramatically in recent years.
The Koreans and Japanese have led the way in ensuring that even small car owners have higher expectations than ever before, putting pressure on the prestige car makers to raise their game too.
We're not talking about gimmicks either, but fundamentals like space and comfort. Given the shadow cast by the XJ, you expect it to be Tardis-like inside and that simply isn't the case.
There's plenty of room in the boot, but not so much leg and headroom in the back that your passengers feel cosseted in the lap of luxury.
And there lies the rub. For while this 21st century Jag is undoubtedly a class act, it doesn't take the breath away in the way the price tag suggests it ought to.
It's well balanced, smooth and receptive and it does boast more room in every respect than its predecessors, which was essential if it were to compete with more spacious super-limousine rivals.
But while the way the interior wraps itself around you may feel cosy and inviting to some, it's likely to make others feel a little claustrophobic - especially when you realise that the storage compartments are only adequate, rather than generous.
2004 was a tough year for Jaguar, despite an increase in sales, and although the reinvigorated flagship is a delight in many respects, it's anachronistic in others - especially at a time when environmental concerns are making more and more people inherently suspicious of large cars with large engines.
For the sake of those Jaguar workers still hanging on to their jobs, it would be wonderful to say that the car really is the ultimate saloon that's worth every penny of its formidable price tag.
Sadly, for all its many qualities, the XJ8 doesn't quite justify those kind of superlatives. It's very good - but not as great as it needs to be to set the pace in this exclusive niche of the market for 2005 and beyond.
FAST FACTS
Jaguar XJ8 3.5 V8 Sport Premium
Price: £48,020
Mechanical: 262bhp, 3,555cc, V8 petrol engine driving rear wheels via 6-spd automatic transmission
Top speed: 150mph
0-60mph: 7.3 secs
Combined mpg: 26.5
Insurance Group: 17
C02 Emissions: 254 g/km
BiK Rating: 35%
Warranty: 3yrs/unlimited; 3yrs paint; 6yrs anti-rust