The new-generation Mercedes-Benz SL coupe/roadster is the first in over 12 years. Perhaps the best-known Mercedes model ever, the new SL500 convertible will mark the fifth generation of this highly successful series, which began in 1954 with the legendary “Gullwing” 300SL.

I’ve had the opportunity to drive the SL 500 twice in the past couple of months — once at the West Coast press introduction in Phoenix and again recently at home. Even discounting my well-documented bias for German machinery; I absolutely fell in love with this car.

With a suggested price of $86,655 (including destination charge), the 2003 Mercedes-Benz SL is a technological tour-de-force. It features the world’s first electronic brake system, that can actively apportion different braking pressure to each wheel, as well as Mercedes’ ABC active suspension and ESP stability control.

The new SL 500 also features breathtaking styling — a retro 300 SL design that’s been highly stylized. It features an aggressive looking, wider, sporty grill, sculpted front apron and aluminum fins reminiscent of the Gullwing. There are also frameless retractable windows, 17 inch, seven-spoke wheels, a rear spoiler and dual chrome exhaust tips.

The SL 500 successfully blends nearly 50 years of SL design elements, while charting a visual path to the future with crystalline bi-xenon headlights, hooded instruments, a secure cockpit with an automatically-deploying roll bar and capped by a retractable hardtop that combines the open-air fun of a ragtop with the quiet comfort of a coupe.

At the push of a button, the retractable hardtop, which has 11 hydraulic cylinders, can be fully opened or closed in just 16 seconds. As the power roof retracts, the rear window glass also pivots so that its curvature matches the stowed roof panel – or spooning the roof portion – providing a surprisingly large cargo area of 7.3 cubic feet. With the top up, the trunk holds 10.3 cubic feet, or enough for a couple of medium-size golf bags. The roof can also be raised 20 percent inside trunk for easier retrieval of luggage.

The wheelbase is 1.8 inches longer while the overhang has been shortened.

The interior offers elegant flowing lines, pleasant color contrasts between upper and lower dash panels and burl walnut wood accents, while adding a sports car touch with an aluminum console, aluminum pedals, a pop-up roll bar and luggage straps for specialty-designed luggage. The instrumentation features cool-looking glacier blue dials.

Under the hood is a 5-liter V8 that is smooth, fast and quiet. There’s also an optional AMG package that will soon be offered if it isn’t available already. Acceleration is smooth and quick with no hesitation or turbo lag. Going up the mountains between Phoenix and Roosevelt Dam, I was able to pass while accelerating up hill with no problem. The hardest thing was keeping it under 100 mph.

But it’s the technological Innovations that make this car a real stud. The body composition is aluminum, while the inner doors are magnesium, and there’s composite, body-colored cladding.

The Sensotronic Brake Control (SBC) or what Mercedes terms E-brakes, no longer transmit brake force hydraulically, it’s totally electronic. The on-board computer recognizes an impending emergency and automatically builds up necessary brake pressure after release of the accelerator. There’s also vibration-free ABS, and brake drying. The stopping distances are just simply shorter regardless of road conditions.

An optional smart card that replaces the key “wakes up” the car before you get in, by transmitting an electronic signal automatically.

This car also handles like it’s glued to the road thanks to the Active Body Control (ABC) suspension system. Over the mountains at significantly higher than posted speeds, on two lane blacktops and on the freeway, the SL 500 didn’t protest in the least and handled like a cat under any and all road and weather conditions.

No surprisingly, dual batteries are necessary to handle the load from all the computing systems. There is also a V-60 Motorola phone option with voice recognition dialing and hands-free operation. Calling my office from the freeway with the top down at 85 mph, the person on the other end said it sounded like I was talking on a corded phone in a quiet room. There was zero wind noise and excellent reception, which plays back through the premium sound system.

Safety features include dual front airbags, which deploy at different levels depending on the impact as well as door mounted head-thorax side airbags, a driver’s knee bag, an automatic roll bar, and Mercedes’ Tele-Aid emergency calling system.

Whines: Although the brakes are arguably the best in the business right now, I wonder if a second mortgage is necessary to pay for a brake job when the time comes. But I guess if you need to worry about that, you can’t afford the car.

Applause: This car emphasizes Mercedes’ technological leadership like no other in its history. It’s superb in every way, handling, performance, styling and comfort. It is a true “driver’s” car.

Bottom Line: The competition in this segment of the market is very tough – Jaguar XK and Porsche 911 — two great automobiles. But there just isn’t a flaw to be found in the way the SL 500 handles or performs. It will hold its own here. It’s pricey, but I have to say, I like this more than any other car I’ve driven in a very long while.