Toyota has travelled a different route with the engine, too, using a high-revving Celica-related 1.8 VVTi twin-cam unit. The MR2 has a longer stroke for better driveability, and the torque spread is a little greater than the Celica's and comes in a little lower.
The 103kW engine likes to spin - it needs to spin if you want to get places in a hurry. For while it weighs less than the old car it also falls short of the superseded 2.0 litre's 125kW. Despite the improved power-to-weight of the new car, it doesn't accelerate as hard as the old one, probably due to the effect of the sequential box, which dulls its ability to jump forward.
Toyota has worked diligently to secure a neutral handling balance, controlling the oversteer yaw inertia by giving it a slight understeering flavour in the front. Confidence levels are high on dry roads with just a little front-end push when seeking the limit. On wet roads, the light front wheel loads do induce some understeer, but only near the limit.
The brakes - one of the most glorious assets of the old MR2 - are ventilated discs all round, with an anti-lock system. They stop spectacularly, though not without a hint of tail wag.
The sequential five-speeder is based on a manual, but with an automatic clutch. It gives the driver the choice of a sprung lever on the console, or up and down buttons on the front and back of the steering wheel. Programmed to do away with any need to blip the accelerator pedal on downshifts, the ECU does all that pretty rev-matching stuff for the driver.
The clutch is actuated automatically, the throttle adjusting to match engine and wheel speeds. We found the whole process is made smoother when the driver lifts off the throttle momentarily when shifting up or down.
A minimalist approach has been brought to the cockpit, with drilled alloy sports pedals and soft metallic finishes elsewhere. Home comforts extend to a six-disc in-dash CD player with radio/cassette and four speakers. The safety gear includes twin airbags.
The MR2 is no load lugger; the luggage compartments are tiny. You can fit a small golf bag behind the front seats, but the under (front) bonnet storage will accept little more than socks, jocks and toothbrush. The MR2 comes with an engine immobiliser, alarm with panic mode, and remote central locking.
Toyota Australia has brought in the new MR2 at $45,590, a price much cheaper than the recently superseded model.