(FORTUNE Magazine) – Most of us live in a world that's altogether too grown up. Too many meetings, too many budgets, too many market gyrations, too few hours of sleep. Small wonder that we sometimes wish for something bewitching to take us away--far, far away--at a moment's notice.

That wish is granted, to a greater degree than ever, by the world's automakers. Even though they are struggling with expensive incentives and razor-thin margins, the vehicles they are turning out have never been of higher quality, and just as important, have never been more fun. Make that Fun. The best marques--Audi, Mercedes--have outdone themselves, and even the mundane--Ford--have stepped up to the exotic-car plate.

How to pick the Most Fun? It's all about purity, about excelling without compromise. These vehicles have to make you want to go out to the garage in the middle of the night for another dose. That's why you won't find rational family cars and minivans on our list; this is about passion. And for each category of vehicle, besides the winner we've selected a less expensive option, should your options be underwater. So swap revenue figures for revs and imagine that ROI stands for Racing on Interstates: We're about to have some serious Fun, from affordable to exorbitant, and from don't-tell-mom to should-be-illegal.

AUTOPILOT ADRENALINE Mercedes SL55 AMG

This sports car, the fastest production two-seater Mercedes has ever built, shows the German automaker at its finest. Mercedes has always, to my mind, made unimpeachably sound cars that basically do all the work for the driver and are therefore a bit bland--particularly the SLs. But the SL55 AMG, the high-performance AMG version of the new SL roadster, is a dragon in princess disguise. You'll never break a nail putting the retractable hardtop down. And man, oh, man, will you remember the first time you take off from a stop at a light at full throttle: The rear tires light up, do a little tango, and squirt you down the road, leaving everyone else at the intersection blinking in tire dust. Keep your foot in it, and the speed blur continues, smacking your head into the headrest and giving you a wind-assisted facelift. It's a thrilling and frightening joy ride. No wonder it did service as the safety car for Formula One last year.

I took the SL55 for a spin along the Southern California coast one evening. Top down, windscreen up behind me, I hit 100 mph on Highway 73 and realized my hair wasn't even blowing. And then I saw the police cruiser to my right and used every bit of the world's first production-car electronic brake system; I'm happy to report it worked brilliantly. Laying off the poor abused throttle, I let the car slip into automatic mode and took a moment to admire the cool black-and-silver interior, with its glowing silver backlit dash. The whole aesthetic is tranquil and futuristic at the same time, just like the car itself.

MERCEDES SL55 AMG

PRICE From $115,000

PERKS 493-hp V-8, unique electronic braking system, trick retractable hardtop, zero to 60 in 4.5 seconds

THE POOP Next year Mercedes is launching the SLR, a 616-hp sports car, for $400,000; for 100 fewer horses and 285,000 fewer dollars, the SL55 is a bargain.

ALTERNATIVE STEAL Jaguar XKR (from $82,000). For $30,000 less you can get 400 hp and one of the most sublime, if not precise, rides in the world--all buttery and smooth and oozing with luxury.

AN ICON REBORN Ford GT

Back in the early '60s, Henry Ford II wanted to add some cachet to his Blue Oval, and so he tried to buy Ferrari (for $10 million). At the last minute, Enzo Ferrari pulled out of the deal. Ford was furious and decided to get revenge where it mattered most: racing. Success was, and still is, winning the grueling and prestigious 24 hours of Le Mans. Ford ordered a special in-house team to design a racecar capable of enduring 24 hours at speeds averaging 120 mph, reaching a top speed of 200 mph--and most important, beating Ferrari. What that team produced came to be known as the GT40 (so named because it was a mere 40 inches high), and after three years of development, the swoopy little mid-engine came in first, second, and third at Le Mans in 1966 (it won again in each of the following three years). It was the first American car to capture the French flag.

In the ensuing decades Ford was staunchly unsporting, with no further attempts at Le Mans and no two-seater in its lineup--even as GM continued to develop the Corvette, and Chrysler launched its rough and muscled Viper. Then, 32 years ago, former CEO Jacques Nasser wisely felt the need for greater cachet for the Blue Oval (sound familiar?) and green-lighted a skunkworks project code-named Petunia to rebuild the GT40. The result is the Ford GT, a tribute to the original. Its goal? Why, to beat Ferrari, of course--specifically, the 360 Modena, Ferrari's bestseller and also a mid-engine V-8. The new GT looks like a reproduction of the original, but it's 12% bigger and built specifically for the street, not the track (unfortunately, says Chris Theodore, the vice president who oversaw the GT project, Ford doesn't have the budget to go endurance racing in these challenging financial times).

So, the big question: Has Ford managed to build a Ferrari-fighting sports car? The answer is yes--with a few caveats. The car is big fun. Even though I drove a preproduction version with a handful of bugs to work out, it's clear that the Ford GT, with 500 hp and 500 pound-feet of torque, is a powerful performer. Ford decided against going the electronic route with many of the controls--no drive-by-wire throttle, no traction control, and no trick sequential gearbox. You can applaud such purity or question the car's refinement. Either way, you get a six-speed manual, a serious supercharged V-8, and big meaty tires to take you wherever you want to go, fast and loud. I asked the engineering team what the personality of the GT is, and one response I got was, "It's a sheep in wolf's clothing." Which means that despite its potential, the car handles smoothly and predictably. Let's see.

I had the opportunity to drive it at Laguna Seca raceway with the iconic and charming Dan Gurney, who won Le Mans for Ford in the original in 1967. Gurney effortlessly flung it around the track's corners and curves as I watched closely. "They've really done a great job," he offered mid-hairpin. Then it was my turn. I sank low into the carbon-fiber driver's seat, grabbed the small wheel, and took off. The Ford GT has lots of grunt, and it stampeded down the straightaway, feeling particularly confident under full acceleration. In the turns the steering was smooth and direct, the brakes solid--and the touch of oversteer pleasantly sporting. I kept an eye on the huge tachometer that sits front and center (the speedo is tucked off to the right--where I promptly forgot about it, or that's what to tell the police, anyway), feeling the monstrous torque pull the car like a bullet train even from 2,000 rpm.

I also drove the GT on roads, where it was equally well behaved yet muscular. The visibility isn't great, but that's the price you pay for sexy lines. I looked in the rearview mirror and watched the supercharger spin; in the side mirrors, the car's considerable hips stole the view. I came up behind an RV with children peering rearward. We got an immediate thumbs-up from them as well as from some cyclists. If they didn't understand its history, they certainly understood its beauty. Even though it's not running at Le Mans, introducing groundbreaking technology, or putting Ferrari out of business, it is a real American supercar. Ford has to sell 4,500 of the nearly $150,000 cars within three years to break even on the program--a tall task--so there's one out there if you want to relive the dream.

FORD GT

PRICE Under $150,000

PERKS Mid-engine supercharged 500-hp 5.4-liter V8; zero to 60 in 3.8 seconds

THE POOP Big power, forgiving character, iconic looks

ALTERNATIVE SPLURGE An original GT40--one recently sold at auction for $400,000.

ALTERNATIVE STEAL The Nissan 350Z (from $27,000). The reincarnation of the killer Datsun Z cars, now with the grown-up demeanor of a European two-seater.

MOST EXCITING EXOTIC Lamborghini Gallardo

Move over, Ferrari. Watch out, Porsche: The newest Lamborghini, the Gallardo, is not only the best car Lamborghini has ever made, it's a strong contender on the world stage of great sports cars. After so many years of outrageous designs, poor quality, and nerve-shattering undependability, Lamborghini has come into its own with the Gallardo. Weighing in at $166,000, the mid-engine two-seater qualifies as Lambo's entry-level model. Thanks to some heavy funding and involvement from parent company Audi (which has spent $155 million on engineering and facilities since acquiring the Italian carmaker in 1998), the Gallardo has strong credentials, like an all-aluminum space frame and aluminum engine block under its purposeful geometric aluminum skin. And four-wheel drive for superglue traction. And the most logical, handsome interior Lambo has ever made. Even the Gallardo's assembly line is brand-new and full of quality-control measures; workers wear protective coverings over their watches to avoid scratching bodywork. It all smacks of German precision.

When I arrived at Lambo HQ in Sant-Agata, Italy, the employee lot was filled with Audis and most of the lab-coated technicians on the factory floor were speaking German. The Italians were shaking their hands in the air over the strict new controls in place, but even they had to admit that rigor was needed. "No tightness can be compared with poverty," sighed Giuseppe Greco, Lamborghini's vice president.

So suddenly a Lamborghini is a rational purchase? The stats were convincing on paper, but the proof was going to be in the driving. I went out to play on tight backcountry roads with Valentino Balboni, Lambo's chief test driver for the past 30 years. Bless his mischievous heart, this is a man who prefers speed blur to speed limits. "Open her up," he grinned. And so I did. Wow. The throaty V-10 wound all the way up to its 8,200-rpm redline in long, sustained notes; first gear took me all the way to 63 mph. The steering was immediate and nicely weighted, and the ride was stiff but pleasant enough for daily use. Even the visibility (except rearward) was good--never a Lambo hallmark in the past. And all the systems functioned flawlessly--clear gauges, good pedal placement, and intelligent climate controls (from the new Audi A8) that subdued the Italian heat wave quickly. But I was too busy working this clever little monster over the undulating road, drawing out the 500-hp soul under its well-mannered facade. I couldn't rattle it, nor find the limit to its power without endangering the innocent. Arnold Schwarzenegger, meet Emily Post. And this was the six-speed; its sequential gearbox version, called E-gear, is even smoother. If I had $166,000 to drop, this would be my choice.

LAMBORGHINI GALLARDO

PRICE $166,000

PERKS 500-hp V-10, all-wheel drive, great sequential gearbox, a light 3,200 pounds, zero to 60 in 4.2 seconds

THE POOP Porsche's 911 Turbo and Ferrari's 360 Modena have a new fire-breathing stable mate.

ALTERNATIVE SPLURGE Ferrari Enzo ($670,000). Ferrari is making only 399 of these 650-hp V-12s; they are thinly disguised Formula One cars. Despite frightening performance, the car's ultra-high-tech systems will save you from yourself. A unique beast if you can get your hands on one (and your bank account around it).

ALTERNATIVE STEAL Mitsubishi Lancer Evolution (from $29,000). This is the World Rally champ in street dress. With a 271-hp turbocharged engine, full-time all-wheel drive, Recaro seats, and suspension to make you want to take off down a logging road at 100 mph, you can spend what you save on getting out of jail.

FANTASTIC FOUR Mazda RX-8

Hang on to your socks. A truly worthy sports car that doesn't cost as much as your house has arrived: The Mazda RX-8 handles like a thoroughbred and costs only $27,000. It's also a four-door, four-passenger sports car that is as refreshing to look at as it is to drive. A lot of manufacturers have talked about making a four-passenger sports car, but only Mazda--long known for quirky but satisfying driving machines--has accomplished it.

Seating alone isn't what sets the RX-8 apart. In fact, it is the spiritual successor to the great RX-7. In keeping with that cult-status two-seater, the RX-8 is a cocktail of superbness, with a super-smooth rotary engine that effortlessly winds up to 9,000 rpm, rock-solid handling, and a handsome interior design that is beautifully innovative, neither Japanese-y nor American (Ford owns 33% of Mazda).

I took the RX-8 to my favorite driving grounds, the hill-acious Ortega Highway--a stretch normally best kept for motorcycles. It was like dancing (all right, dirty dancing), with the car screaming left, right, up, down, in, and out. The RX-8 fits like a glove, winds up to the redline fast, loves quick shifts, and never loses its head in unpredictable situations (yes, there were a few). It inspires bad-girl behavior and rewards it with sure-footedness. I could even put the baby seat in the rear without undue effort, thanks to the back-hinged suicide doors, and the long center tunnel allows for good storage space and a cozy wraparound feeling for driver and passengers alike.

The one thing the RX-8 doesn't have an abundance of is sheer power (come on, Mazda, hurry up with a Mazdaspeed version!). But the car is so much fun even without fistfuls of horses that I'll forgive it. In fact, I just kept wanting to play with it, which says something when I had the pick of the litter sitting in my driveway.

MAZDA RX-8

PRICE From $26,000

PERKS 238-hp rotary engine, suicide doors, zero to 60 in six seconds

THE POOP An inexpensive, world-class four-seater that behaves like a two-seater.

RUNNER-UP Mini Cooper S John Cooper Works Edition (from $26,000). With 200 hp and a BMW warranty to boot, this package, crafted by the great Cooper's son, is the ne plus ultra accessory on the already great-to-drive Mini Cooper S--and it seats four.

KING OF THE OFF-ROAD New Range Rover

Of all the categories, the SUV was the most hotly contested. As I tested vehicles, onlookers invariably made comments. "What about the H2?" some asked (the answer: poor-quality interior, disappointing on-road handling, gimmicky styling). Others threw in a vote for the new Porsche Cayenne Turbo. But after all was said and done, one clear winner in terms of both off-road prowess and on-road refinement remained standing: the new Range Rover. Believe me, all the others wish they were as genuine an article as the Range Rover. (As a disclaimer, I should note that I worked closely with Land Rover while I was head of Jaguar U.S., but the fact that I know the true background of the vehicle and can still recommend it speaks volumes.)

The latest Range Rover was reengineered from the ground up by BMW while it still owned Land Rover, and is all class and precision, from its handsome exterior and stunning interior to its extraordinary capabilities. The Germans took an already worthy British icon with a few quirks and made it unimpeachable (and boy, do the British hate that)--and so damn handsome. Stepping up into the new Range Rover is like coming home--to the home you've always wanted.

BMW's version, now owned and produced by Ford, is slightly bigger than the last version, giving you more space for creatures and cargo. The Germans got the on-road driving character just right too. It is a pleasure to drive, and despite the size it feels far more carlike and powerful than its predecessor. Everything is fixed, from the placement of the window switches--they're finally intuitive--to the tasteful and practical rubber floor mats. The lush interior is a rich combination of aluminum, leather, and wood; it is class-leadingly beautiful.

My only advice is, Buy it now. At some point soon the engine deal with BMW will end, and the 4.4-liter German V-8 will be replaced with something from the Ford stable. So get the Teutonic power plant while you can. The one thing from Ford I'd like to see given to the Range Rover is the Jaguar touchscreen navigation system, which would be a huge improvement over the laborious last-generation BMW system. And would you please make the fusty British male voice a bit more, well, rangy?

RANGE ROVER

PRICE From $73,000

PERKS 282-hp 4.4-liter V-8 with 325 foot-pounds of torque, electronic cornering enhancement, electronic air suspension, yards of leather, and chic matte wood finishes

THE POOP Driving it, either on blacktop or boulders, is like coming home--to the home you've always wanted.

ALTERNATIVE SPLURGE If you'd rather drop $90,000 or so on your SUV, then consider the very capable 450-hp Porsche Cayenne Turbo. I take issue with a pure sports-car company going into trucks, but the Cayenne does earn big points for its speed and its delectable interior.

ALTERNATIVE STEAL VW Touareg (from $35,000). It's a refreshingly competent SUV built on the same platform as the Cayenne and with many of the bells and whistles--for $50,000 less.

THE COOLEST THING ON TWO WHEELS Gurney Grand Prix Alligator

It's not often that a real hero comes along. That's exactly what Dan Gurney is: He's the only American driver to win a Formula One Grand Prix in a car of his own design. He's won stock-car races and Le Mans (he's the one who started the tradition of spraying champagne at the winner's circle), and his team won the most consecutive GTP races in history. And don't forget, he won the first Cannonball Baker Sea-to-Shining-Sea Memorial Trophy Dash. What does a man with more automotive credentials than God do for fun? Design his own motorcycle, of course.

The Gurney Alligator is no run-of-the-mill bike. First of all, it's rare: Only 36 production models have been made so far (I own No. 7). Second, the Alligator creates an entirely new niche--a feet-forward, arms-forward, semi-recumbent seating position that puts your butt below the top of the wheels. That means the Alligator has a very long wheelbase, but with your center of gravity so close to the ground, you can corner better than the rest. And the bike, built around a 700cc Honda single-cylinder engine, clocked Cycle World's best zero-to-30 time ever. Oh, and it draws a crowd the way no other exotic possibly could. "It's quick, user-friendly, and agile," says Gurney, "and it's great to have something new and exciting between your legs."

So it's comfortable, performs above and beyond, happens to be faster than you or I need, is stunning--and is being built by a living legend. How often do you find that kind of deal in life? There are only a few left, but rumor has it Mr. Gurney will build more, if we ask really nicely.

THE GURNEY GRAND PRIX ALLIGATOR

PRICE $36,000

PERKS Unique and comfortable seating position, zero to 30 in 1.1 seconds, the perpetual crowd that gathers

THE POOP A new world order in motorcycles, made in America by a great American

ALTERNATIVE STEAL The Segway ($5,000): It's the only other niche-creating two-wheeled fun worthy of mention. With 4 hp, a top speed of 12.5 mph, battery power, and gyros that keep it upright like a helicopter hovering, the Segway is the cleanest Fun around. It's intuitive and approved for sidewalk use (except in San Francisco), and it makes you feel like a Jetson.