Welcome back, old friend.

It's been a long time since I've felt so emotional about an MX-5. I was around for the first one in 1989 and I clearly remember laughing out loud when I realised Mazda had turned the fantasy of a 1950s British sports car into a Japanese reality for a new age.

This week, I'm laughing again in a new MX-5. It happens first as I tackle the classic Goodwood racing circuit in brilliant British sunshine, then again on a wickedly twisty road through the Scottish highlands on a day which is quite a lot less sunny and warm.

But it doesn't matter because the MX-5 is back to its very best after a total re-think and re-work at the hands of project manager Nobuhiro Yamamoto, who knew from the start that he had to improve lightness and reduce complexity.

"For very high power, you can buy another car. For the MX-5 it's more important with the sensation and feeling. It is an iconic car," he tells Carsguide.

We've already had a Carsguide romp in the 1.5 but this is the first Australian exposure to the 2-litre engine

The result is a car that's as sweet and sharp as the '89 original. I still have a couple of nit-pick complaints, like the lack of a telescopic steering column, but the rest is just the way I have hoped since receiving an invitation to taste test both MX-5 models - the basic 1.5-litre car and the punchier 2-litre model - in the UK.

We've already had a Carsguide romp in the 1.5 but this is the first Australian exposure to the 2-litre engine, so I'm concentrating on the ‘big banger' which gives the punch that will satisfy most Australian drivers and will work best with the optional six-speed automatic gearbox. It has 118 Skyactiv kiloWatts with the 200 Newton-metres which allow it to jump away smartly and corner in a gear higher than I first expect.

There is none of the driveline harshness of the outgoing car, which I drove last month to calibrate myself for the new MX-5, and the chassis also works much better with great grip, balance and feedback. It's a rigid little car, even as a full convertible and with a base weight just below 1000 kilograms.

Most of the preview drivers in Scotland, including an American contingent, vote the 2-litre car as their favourite and love the 25 per cent extra torque, even if it does not arrive until 4000 revs. It's more proof that Mazda is spot-on with its Skyactiv program, which has finally erased the harshness and inadequacies of naturally-aspirated engines since the 1970s and given us great power with excellent economy and response.

The 2-litre is well matched to the sharp six-speed manual gearbox and classic rear-wheel drive, and many of the drivers say the mid-range punch and overtaking power make it the right choice for the MX-5.

But not me. After a back-to-back romp I'm convinced the basic 1.5 - even if it's only got 96 kiloWatts and 150 Newton-metres - is more fun. It's a touch lighter in the nose, a little more responsive to the steering, and has the sweet feel of the '89 original.

Even better, it's the car that opens the action in Australia in August with a basic price of just $31,990. To give that some perspective, the '89 car wore a starting sticker of $29,990 and that translates to $54,000 in today's dollars and with the same level of equipment.

Yamamoto agrees with me, even if he knows there are people who will only be satisfied with the power and bragging rights that come with the 2-litre.

"The small engine and small weight is good for handling. The 1.5-litre engine, I love. Pure is very important," he smiles.

"But the 2-litre is also important as a customer enhancement. For expert drivers it is a higher driving experience, yes, but ..."

We've been through the MX-5 basics before, but it's good to re-visit the excellent manual folding top - which I latch down at 110km/h without much trouble in a Scottish shower - the support and comfort of the basic cloth seats, the clack-clack action of the six-speed shift, the ideal placement of the pedals, and more.

I really like the adjustable thigh support on the driver's seat, the small but perfectly-formed gearknob, the way the body colour is carried through to the tops of the doors inside - replacing cheapoid plastic - and the clarity and simplicity of the dials.

On the downside, there is a steering wheel that only moves up-and-down and not in-and-out.

I also reckon that, without a metal roof, it's only going to get a four-star ANCAP safety score. And that could kill its chances in the COTY shootout that I know it will be attending at the end of the year.

Mazda Australia is keeping quiet about full prices and specifications, but it's obvious the 1.5-litre car will have 16-inch alloys, aircon and power steering, as well as much needed Bluetooth with speakers inside the headrests.

The 2-litre is sure to get 17-inch alloys and leather trim, as well as Bose sound.

More than 6000 people have already asked for a dealer to contact them when the MX-5 arrives

On the price front, marketing boss Alastair Doak denies the base price has been trimmed to combat the threat from the Toyota 86 and Subaru BRZ, which promise plenty of sports car fun but - for me - without the greatness of the new MX-5.

"This whole car is back to basics, back to the pure formula of the MX-5. We want to make the MX-5 more accessible and introduce it to a whole new generation of buyers," Doak says.

More than 6000 people have already asked for a dealer to contact them when the MX-5 arrives, which means August for the 1.5 and later - probably November - for the 2-litre car. Doak is expecting a 60:40 split on the engines and also on the manual-automatic gearbox choice.