The 2003 Z06 may not go down as one of the greatest Corvettes of all time, but it should.

Granted, when it comes to style, it's no '63 split window, and if you're talking engines, an injected small-block doesn't quite grab your attention like an L88 427, but take a couple hot laps on a road course or rip it down a drag strip a few times and you'll know — this is one for the books.

Reincarnated in 2001 (it had first been offered in 1963), the Z06 took everything that was good about the fifth-generation Corvette and cranked it up a notch. With more power, less weight and an uncompromised suspension setup, the Z06 pushed the Corvette into performance territory occupied mostly by cars ending in "i." Just a year later, Chevrolet unleashed an even faster version that further bolstered its reputation as an affordable world beater.

Minor engine tweaks have pushed peak horsepower to 405 while torque tops out at an even 400 pound-feet. The suspension now features a larger front sway bar and a stiffer rear leaf spring along with revised shock valving and camber settings specifically engineered to enhance performance at high speeds. Aluminum stabilizer links, new brake linings and lighter cast-aluminum wheels round out the list of upgrades. The year 2003 brought along no further improvements, so consider our high praise applicable to any 2002 or later Z06.

Although it's no teeth rattler on city streets, the Z06 belongs on the racetrack. Free from the suffocating restrictions of public roads (and public drivers), the Z06 assumes its supercar status with jaw-dropping results. Whether you're smoking the massive 18-inch 295/35 rear tires down the drag strip or digging into a long sweeper under the watchful eye of its second-generation stability control system, the Z06 rarely fails to astound with its capabilities.

We say this with a bit of trepidation in light of the fact that our standard testing procedures turned in a few disappointing numbers in the acceleration department. The fastest 0-to-60 blast clocked in at 4.6 seconds while our quickest quarter-mile whizzed by in 12.9 seconds, both numbers are slightly slower than the last Z06 we tested. Chalk it up to different cars on different days, but either way you look at it, the Z06 is still a slingshot in a straight line. Credit the car's blistering pace to a deep first gear and a low curb weight of just 3,118 pounds. Brake testing yielded more customary results, with 60-to-0 stops in the range of 108-109 feet. This still ranks as one of the shortest distances of any car we've ever tested, so the Z06's supremacy in this area is sound.

As impressive as its stats are on paper, feeling those numbers come to life on a challenging road course is the true manifestation of the Z06's brilliance. The Viper may be a tad faster, the Mustang a bit easier to fling around, but neither can even touch the Corvette when it comes to inspiring confidence to push the limits.

Much of the credit goes to its sophisticated stability control system that can alternate between motherly hand-holding or more finely tuned intervention. Keep it in standard mode and even the most inexperienced of drivers can revel in its high-speed capabilities knowing full well that, should they get in over their heads, a combination of individually applied brakes and reduced throttle will corral them back into proper form.

Even more impressive is the system's "competitive" mode that dials up a program more in tune with the aggressive tactics of more experienced drivers. Wheel slip is allowed, but the lateral G sensors still keep a watchful eye on your progress to help correct any temporary directional problems. Slide it through a turn and it won't reign you in until you've reached the very last shred of available traction. The system's ability to walk the fine line between help and interference is remarkable, providing enthusiast drivers with the kind of leeway they crave without sacrificing the safety they need.

Beyond its ability to scare you with its speed, the Z06 also impresses in more peripheral but no less important aspects. Its exhaust note trounces the Viper's rattling din with a near-perfect blend of mechanical reverberations and throaty gasps. Unlike the Mustang's and Viper's awkward sticks, the Corvette's shifter falls right to the hand and doesn't require second-guessing before you decide to go ahead and pop the clutch with 5,000 showing on the tach. Perfect pedal placement makes heel-and-toe downshifting a no-brainer, and forward visibility couldn't be better.

The steering isn't as razor sharp as the Viper's, but there's still enough communication through the wheel to give you a perfect picture of how the tires are faring down below. As with the Viper, body roll is nil, allowing you to concentrate solely on getting the Z06 pointed in the right direction and modulating the throttle to maintain traction. The brakes are flawless in terms of power, but the Viper's binders are easier to modulate under severe loads.

How a car with such unbelievable capabilities on the track can be so docile on the street is a testament to the Corvette's overall level of refinement. This isn't a car that reminds you of its track times with every ripple in the pavement, nor does it exact a workout on every trip to the drive-thru. There's a noticeably stiffer edge around town than the standard coupe, but the steering, clutch and gearbox all work with a relaxed ease that almost makes you forget that you're behind the wheel of one of the fastest production cars in the world.

Two overdrive gears allow reasonably quiet cruising on the highway but the ultrahigh-performance Eagle F1 tires emit their fair share of rumble, and the exhaust that sounds so good at full wail has a tendency to drone a bit at just the right speed. As usual, we found the 1-to-4 skip-shift feature a constant annoyance, but if that's the price we have to pay to assure that cars like this remain on the market, we'll gladly put up with the minor inconvenience.

The low-rent interior has been a criticism of the fifth-generation Corvette since its debut in 1997, and not much has changed. Although it feels almost sacrilegious to criticize such a car for not having soft-touch armrests or flashy metal trim, you can't help but feel that for over $50,000, you should be getting some higher-quality stuff.

New last year was the addition of a heads-up display (HUD) that projects vehicle speed and another gauge of your choosing onto the windshield. We'll admit that once you get used to having such information right in front of you, it seems natural, but with perfectly good gauges just below, the display seems like an overly complicated solution to a problem that no one was complaining about in the first place.

On a more positive note, the seats are more comfortable than they look and the gauge cluster is faultless in size and design. The stereo works great, but it still looks as though it came straight out of a Silverado pickup; same goes for the dual-zone climate control. With such a simple interior design, it wouldn't take much to make it look better, but until that happens, the Corvette will continue to carry its reputation as just another high-powered American muscle machine — you decide if that's a bad thing or not.

So once again the Z06 comes out on top. Unlike the first go-around, it wasn't the cheapest contender of the three, but it didn't need to be. Its performance on the road course was nothing short of phenomenal. And although it didn't set any new personal bests down the drag strip, the fact that it still pulled 12s on a bad day is testament to its power. We'll carry our disdain for the cheesy interior until the next Corvette arrives in 2005. Hopefully the constant harping on the substandard materials by us and others will finally convince Chevrolet to pony up and give the Corvette a cabin equal in stature to its performance.

Until then, we'll just be happy that the Z06 even exists. Fifty thousand dollars might seem like a lot to pay for a car, but take one ride in a Z06 and you'll know what we know — it's the bargain of the century (all three years of it).