I think everyone expected to be absolutely wowed by Honda’s new S2000 sports car. Perhaps, it was all the advance hype, the photos that were circulated long before the car was available, or maybe for no other reason than because it was coming from Honda, expectations may have been unrealistically high.

Don’t get me wrong, this 150 mph, 2-seat convertible that’s Honda’s only rear-wheel drive vehicle, is already one of the most desired 2000 models. It’s racing-style powerplant coupled with superb handling and exclusivity has all the makings of a market winner.

Exclusivity comes from the fact that only about half the car’s worldwide production — 6,000 or so, will be offered annually in this country.

The $32,000 2-seater is meant to compete with the costlier BMW Z3, Mercedes-Benz SLK, Porsche Boxster and Audi TT roadster, and in that segment, it holds its own. Although the Mazda Miata lacks the power and sophistication of the S2000, at $23,995 it’s a competitor for all cars in that segment to reckon with because it’s nearly as much driving fun for seriously less money.

The shark-like nose and large grille opening on the S2000 give it a distinctive look, even with its long hood/short-rear classic sports car styling. It only comes in four colors — New Formula Red, Grand Prix White, Silverstone Metallic and Berlina Black. and looks good in all. Makes you wonder what ever happened to British Racing Green though. Red leather trim is standard with the White and is available with the Black and the Silverstone.

The S2000 is so well equipped that there are no factory options. Leather interior, air conditioning, AM/FM stereo with in-dash CD player, anti-lock disc brakes, power windows and door locks are all standard. One unusual touch is the prominent red, race-car-style “Engine Start” button to the left of the steering wheel.

This car is real fun to drive. Its short, 94.5-inch wheelbase, big tires, 50/50 weight distribution and double-wishbone, all-independent suspension give it sort of what I’d call “go-kart” handling that makes driving the S2000 on winding two-lane blacktops a real treat. Although the electrically assisted power steering is quick and precise, it also has a surprisingly heavy feel.

No traction control system is offered either, which Honda insists was designed to make the S2000 a “pure” sports car that “isn’t for everyone.” That’s all well and good, but I’d just be careful with it in the snow over Snoqualmie or White Pass.

Honda is a company with absolutely no peer when it comes to extracting big, racing style performance from small displacement engines. Under the hood of the S2000 sits a 2.0-liter, DOHC 8900-rpm powerplant that generates 240 horses — the highest output of any non-supercharged engine on the planet. But you have to remember this is a high-rev engine, and even with its four valves per cylinder and a variable valve timing, those wide, 16 inch tires and high rpm torque can cause it to bog down if you want to blast out of the hole using the normal rpm range.

Putting the pedal to the metal will cause the S2000 to hit 60 mph in about 5.9 seconds, but it can be disconcerting to watch the tach sitting at almost 4,000 rpm while doing 70 mph in high gear. This also has an impact on gas mileage.

No automatic is offered with the S2000 — nor do I think should one be. The 6-speed short-throw manual gearbox topped with an aluminum shift knob is fine and pedal placement is just right for downshifting.

This car is lots of fun to drive, but in my opinion, it’s also a “toy.” Honda says buyers of the S2000 will be primarily affluent people in the 45-50 age group (read second childhood men).

Storage is an issue in the S2000. In fact, the trunk only has enough luggage room for about one small suitcase. There’s no glove box or map pockets on the doors, and only two small compartments between the seats on the back wall. Also, important here in latte-land; there’s only a single — although deep—cupholder in the console.

Interiorwise, the S2000 offers decent room for two tall occupants, but there’s precious little space to spare. The bucket seats provide an excellent side grip and the under-thigh support is good, but I found myself feeling a little cramped against the door at times.

The electronic digital instrumentation also seems a little out of place in a “pure” sports car like this. In my view, the S2000 really should have traditional analog gauges. Some of the controls seem to be grouped a little too closely to the steering wheel and the auxiliary audio controls to the left of the steering wheel seem a bit over the top with no real reason for them.

Whines: The “Start” button gimmick got real old in a hurry, and the interior noise level is pretty high — as it will be in any car that sits this low to the road. Also, over-the-shoulder visibility for the driver isn’t that good with the top up either. Finally, if there is a clock in this car, I never did find it.

Kudos: The S2000 delivers exhilarating performance which is complimented by world-class ABS braking. I’d regard this car as an exceptional treat for sports car purists.

Bottom Line: Despite some flaws, the S2000 is a well-engineered car that will command premium pricing due to its scarcity. It gives you that “car and driver as one” kind of feel I last experienced in a Porsche 911 Carerra 4 at well over 120 mph. That alone may very well make it worth the premium price. At the very least, take it for a test drive.