Mechanically, the 2006 Gallardo Spyder is identical to its fixed-roof 2006 Coupé sibling. Both are endowed with a 520-horsepower (up from 492 in the previous model), 5.0-liter V10 engine crammed with cutting-edge racing technology such as a drive-by-wire throttle system featuring two electronically-controlled throttle valves and intake manifolds with continuously-variable valve timing, which ensure that gas flow is optimized across the entire rev range to make sure there’s a whole lot of power available regardless of what speed you’re driving. Maximum torque of 510 pound-feet is achieved at a meager 4,250 rpm (redline is a heart-racing 8,100 rpm) and 340 lb.-ft. of torque is underfoot at just 1,500 rpm. These figures translate to more than 100 hp per liter and a power-to-weight ratio of a startling 6.7 pounds per horsepower. Imagine Secretariat towing a toy wagon and you get the idea of the Gallardo Spyder’s power.

The Spyder, like the Coupé, comes standard with a six-speed transmission. Our test car was equipped with the optional “E-gear,” an electronically-controlled sequential manual transmission. Made by Marelli, which also supplies Ferrari and Maserati, the system uses paddles behind the wheel, which you flick to shift gears. The same technology is used in F1 race cars because it shifts gears much faster than a human being can using a stick and a clutch – as quickly as .0012 of a second. Some drivers complain that E-gear isolates the driver, limiting full participation in the driving experience. We would agree that it’s more fun to actively take control of a manual tranny when you’re cruising a country road and shifting leisurely. On a track, however, when corners arrive in the blink of an eye, it’s nice to have a piece of machinery that’s faster than your eyelid’s involuntary shuttering. It leaves you to concentrate on other matters, such as the concrete wall doing 120 past your right rear wheel.

Downshifts with E-gear are accompanied by an electronically-controlled blip of the throttle and a commensurate roar of the engine that gives us goose flesh just thinking about it. All auto journalists like to think we can heel-and-toe like Mario, but too many gourmet dinners and too little time on the track conspire against us. E-gear has four modes: Normal for, well, normal driving; Sport, which makes the fastest possible shifts for dynamic driving; Automatic, which is perfect for stop-and-go urban traffic; and a setting for slippery conditions such as snow (like you’re going to drive this baby in winter).

With the “Sport” mode selected, we roared up to bends, downshifted in perfect timbre, nailed the apexes, and upshifted as we blasted out of corners and then ripped up the straightaways, shifting again near redline, making the car jolt and then surge forward as though butted by a bull. We never got tired of that feeling. Our only complaint with E-gear is that the paddles are mounted on the steering column and not attached to the steering wheel. This means that if you want to switch gears in a hard corner you need the dexterity of Gumby. You could argue that we should have the right gear selected before we enter corners, or that we might wish to take up the fine art of shuffle steering, but the technology is about making mediocre drivers magnificent, not picking apart inadequacies.

We were also slightly disconcerted by how the E-gear’s throttle blip on downshifts actually sends a blip of power to the drivetrain and isn’t just aural accompaniment. This results in a small surge forward, which, when we downshifted while cruising up to stop lights on city streets, scared the hell out of us – oh, no, “involuntary acceleration.” But this was not noticeable on the track, which makes us think that just because the Gallardo Spyder seems okay with everyday, city street driving doesn’t mean it likes it.

The Lamborghini Gallardo Spyder’s permanent four-wheel drive viscous-clutch system kept us glued to the track like gum on a sidewalk. Under normal conditions, power is distributed 30:70 between the front and rear wheels, but when it detects slippage, the system immediately delivers torque to whichever wheels offer the best traction. The suspension system is also tweaked toward slight understeering when entering a corner to prevent body roll, and anti-dive and anti-squat controls ensure the nose won’t dip during braking or rise at take-off. As a result, the Spyder is super-stable even while being thrown around the track. Toss into the mix Lamborghini’s electronic stabilization program (ESP – an invisible third foot that taps the brakes when needed to keep your line true) and we never got that hollow and harrowing feeling of imminent disaster that’s a poor trade-off for a few thrills. At the same time, the Spyder is hardly buttoned-down. Its engineers have imbued it with a bit of liberalism so that we were able to induce a sideways slide on several severe corners and then recover easily and continue our assault on the track record. And if you somehow overwhelm ESP, the Gallardo Spyder’s massively-powerful anti-lock brakes are designed to stop you long before a potential crash becomes reality. With 365mm discs and Brembo eight-piston calipers in front and 335mm discs with four-piston calipers in back, the Spyder pulls more than 1.1 g’s when braking hard.

In the unlikely event of a crash, the Gallardo’s super-stiff Audi-designed (the German automaker owns Lamborghini) aluminum space frame (which also provides the base for the car’s tremendous handling), front and side airbags and pop-up roll bars are prepared to make a safety cocoon. And for extreme adventures without electronic interference, you can also click off the ESP and just rely on the brakes, airbags and roll bars to save your skull. However, during our time with the Gallardo Spyder, this was strongly discouraged by Lamborghini because: 1. We didn’t own the car; and 2. Everyone knows those liability waivers we signed are as watertight as a teabag.