Ferrari's back on top, Lewis Hamilton is a title contender and two-time Formula One champion Fernando Alonso is back with Renault.
Add night racing to all that and one of F1's most exciting seasons is set for a worthy follow-up in 2008.
This year's F1 campaign, which begins at the Australian Grand Prix in Melbourne on March 16, could again be decided at the final race -- last year, Kimi Raikkonen snatched the title away from bickering teammates Hamilton and Alonso at the Brazilian GP. It was the closest championship in 21 years.
Raikkonen, who replaced seven-time champion Michael Schumacher, gave Ferrari its first title since 2004. "The Iceman" still has a way to go to match Schumacher, but he can start by defending his title.
The Finn can expect competition from Ferrari teammate Felipe Massa after sporting director Stefano Domenicali -- who replaced new chief executive Jean Todt -- said both would be treated as equals, just like last season.
With the No. 1 tag returned to the front nose of the Ferrari, Raikkonen and Massa have driven like equals in winter testing, regularly topping lap times.
But McLaren has stayed alongside its Italian counterpart.
Especially Hamilton, who is focused on not repeating last season's mistakes, when the 23-year-old British driver blew a chance to become the first rookie champion.
"With the package we have I doubt it very much that Kimi will run away with it," said Hamilton, F1's first black driver. "What Ferrari have is a very good car. But if you look at last year in Barcelona (testing) there was a bigger gap, three to four-tenths between us. This year I think it is a lot closer -- we have equal cars."
Hamilton, who finished second in 2007, has a supportive teammate in the soft-spoken Heikki Kovalainen. The Finnish driver traded places with Alonso and brings fresh air after a turbulent season for the British team.