BMW's Boxster beater. (Wheels).

I'm behind the wheel of a new BMW Z4 roadster in the remote backwaters of South Carolina. It's a six-speed manual and I can feel the power of the six-cylinder 3.0-liter engine. It offers only 225 horsepower, but BMW's "inline-six" engine is a thing of beauty. It talks to you. When I shift into fourth gear at 100 mph, it says. "Hit me some more." So I do.

BMW has created a wonderful new addition to its lineup. The Z4 offers a design that's a complete overhaul of the Z3 it replaces. The lines of the car are the result of the fertile imagination of a young Dutch designer, Anders Warming, who zoomed around the hills of Southern California to find inspiration. To borrow Warming's autospeak, he gave the Z4 two "belt-lines" that the eye follows and then a "twisting shoulder."

What that means is that the car's body has a most surprising and pleasing design. BMW has to import special high-strength steel from Germany to its manufacturing plant in South Carolina to stamp out the body shape-there are so many surprising twists that regular steel can't accommodate them.

The ZA is only a couple of inches longer and wider than the Z3, but the difference in handling is dramatic. The Z3, which was introduced in 1995 after appearing in a James Bond flick, just didn't feel like it had much substance on the road. Worse, it was originally offered with only four cylinders. When I first drove the Z3, also in South Carolina, I felt vulnerable. Like other convertibles, it had a low level of body rigidity, giving the driver the sensation that the car could become unstable.

The Z4's longer wheelbase, improved design and more powerful engine provide a much higher level of confidence. It has an almost perfect 50-50 weight distribution between front and back. This car positively hugs the road.

The key competitor to the Z4 seems to be the Porsche Boxster. The Bavarians have priced the Z4 beginning at $33,795 for the 2.5-liter version and $40,945 for the more extensively equipped 3.0 version. That puts it below the Boxster (which ranges from $43,365 to $52,365), and the price differential is one reason Porsche has responded with aggressive leasing deals for the Boxster.

But in my view, BMW still has the Boxster beat. The Z4 is a more beautiful car, and slightly more practical as well. You can Lit two golf bags in the trunk. No such luck with the Boxster. And besides, if you've ever sampled the delights of Porsche's high-end Turbo, there just isn't much thrill in the runt-of-the-litter Boxster.

I wouldn't argue that the Z4 is an everyday car. You can't fit a family or another couple into a Z4 - it's just a two-seater. You certainly don't want to let any teenage children drive it (or any BMW in my opinion). Better to buy them Honda Civics.

But if there's a place in your garage for a car that's both exhilarating and beautiful, it could be the ZA.

You probably want to know how fast I took my Z4 that day. First, let me say that the planners of this media event knew what they were doing. They routed us through areas of South Carolina where there were no people, no cars--and no gendarmes.

After I shifted into fourth gear, I knew there was 10 miles of empty road ahead of me. It was straight, flat and dry. There were no vehicles coming in either direction. If anybody was going to get hurt, it was me and only me. I also had driven the vehicle a couple of hundred miles, so I was familiar with its four-wheel disc brakes, which are sensational. The Germans really know how to make brakes. These can take you from 100 mph to a complete stop in a heartbeat. I also knew that I had "dynamic stability control." I was driving a superior machine. And I had received some training driving at high speeds at Pocono Raceway.

So I shifted into fifth gear and kept accelerating. When you go that fast, the world changes. The wind in your ears becomes a roar (or is that your blood pounding?). The scenery blurs as it whizzes by. You can't pick out individual trees -- they're just a streak of green. At 120 mph I asked myself, How much faster can I go?

What are my essential limitations? I wondered. The two-lane country road was becoming much bumpier, because every imperfection in the pavement is magnified at high speeds. I began to worry about my own ability to handle a vehicle at those speeds.

It said 135 mph on my speedometer before I eased off. But in the crucial moments of wondering just how fast I could go, it never once occurred to me that the vehicle was the limiting factor. The Z4 had plenty more to give.

That's pure exhilaration. It's not for everyone. Maybe it's just a guy thing. Maybe I missed out on crucial stages of my psychosexual development and should be seeing a shrink.

But if you have an appetite for the thrilling, the Z4 can satisfy it. "Hit me again," it will say to you. This latest offering from BMW will surely get your mind off those pesky shareholders.