The launch of a new Formula One car is always an event full of expectation and glamour. But behind the spotlight there is always a bigger story which requires a lot of reading between the lines to understand. F1 journalist Dieter Rencken traveled to Valencia to bring the inside story of the launch of the new Williams FW26

In an interview towards the end of last year, FIA President Max Mosley was so confident that current Formula One cars looked the same that he was prepared to wager "a very big prize to anybody - even the experts, journalists and engineers - who could name each car" (if you painted then all the same and lined them up in the pitlane).

Then, on Monday, in the build-up to the BMW-WilliamsF1 FW26 launch at the Circuit Ricardo Tormo in Southern Spain's Valencia region, a media colleague produced plain, black/white line drawings of the 2003 grid to identify. The best any of the hacks assembled for the first launch of 2004 could recognize was six out of ten...

Both challenges were thrown down, of course, before Williams unveiled its tusk-nosed car at mid-morning. Yes, Ralf Schumacher had mentioned last week that the new car looked "totally different"; yes, a BMW suit had the previous evening referred to the new car as resembling a brutal shark; and, yes, an overalled Juan Pablo Montoya was cocksuredly strolling around with substantially more "attitude" than a year ago.

Finally, yes, Mark Sutton of the eponymous image house - given sneak photographic opportunities mere minutes before the sheets were officially lifted - grinned as he exited the launch arena, whispering "think McLaren MP4-19, then think exactly the opposite…" by way of explanation.

In their pre-unveiling speeches Sir Frank Williams and Patrick Head both alluded to something extraordinary. Yet, despite these collective preparatory hints, stunned silence slowly yielded to collective 'ahhhhs' as blue-attired nubility rolled away the white covers. Then seconds of quietness again, before excited chattering took over…

Now, I cannot swear that the pregnant pauses exceeded for quality or quantity those that greeted Tyrrell's P34 six-wheeler (simply, I was not there), nor that the shocked gasps equaled the first sightings of March's 'tea-tray' 711 (ditto), but can state categorically the atmosphere within the arena was quite unlike any I have experienced in over 50 launches.

Then came the questions. To a man - team owner, engine boss, technical director, driver - the responses oozed confidence, with nary an ounce of doubt.

All in, definitely surprising given the radical nature of the beast; probably disappointing for those seeking sensational headlines, for Williams is a team known for occasional internecinus; undeniably out of character for an operation whose principal freely admits to being a born worrier; but absolutely telling as an indicator of the team's quiet optimism for the season already upon us.

The purpose of this feature is not to bisect the FW26 - colleague Craig Scarborough is indisputably better placed and qualified to do so - but rather to analyse BMW-Williams' obvious belief that Ferrari's present leader-of-the-Pack status is under serious threat. To do so, six elements need be considered: chassis, engine, tyres, drivers (incl. testers), team operation and funding.

Eliminating the last first, BMW-Williams was unique in 2003 in that it brought two major multinational brands into the sport - NiQuitin CQ and Budweiser - well into the season. And, crucially, it persuaded red/black/white 'Bud' to go blue on its cars, and the anti-smoking aid to drop the orange in its logo. In addition, Williams recently tied up the MMO2 mobile communications network and expanded its deal with Puma.

So, given a list of partners which adds those to HP/Compaq (as principal sponsor), Castrol and Petrobras on the lubrication/fuel side, and the financial support and/or material contributions of Accenture, Allianz, FedEx, and Reuters, plus MAN trucks, Oris, and PPG Industries, there are no reasons for worry on that side - even given Sir Frank's predilection for the emotion.

I put the question of 'white spaces' on the car to Williams' Head Of Marketing, Jim Wright. "Our policy, and agreement with BMW, is not to have too much 'clutter' on the car, like some other teams have. We are comfortable with what we have, but space is always for sale only as long as the product and 'fit' is there…" Then he alluded to overcrowded billboards, and their confused messages. So, clearly, a well defined funding policy down in Grove, unlike the ad-hoc sticker policies of some.

Conspicuous by his absence in the launch arena was Sam Michael - the team's Australian-born Chief Operations Engineer. But, given his true racer's heart, one could bet he was not far from the action, and there he was in the team's pit, preparing for FW26's launch running.

Stability needs to be brass-coloured on the key ring of F1 operations, and, here, Michael is quietly confident. "We have made no major changes from last year. There were, which was to be expected, slight personnel movements in and out, but nothing major." Have there been changes due to pit hiccups last year? "No, we've learned from them. You don't learn by changing." Agreed.

On the driver front Williams has, for this year at least, two proven winners, both of whom feed off each other. Sure, the chemistry between Ralf and Juan Pablo won't add chapters to Romeo and Juliet, but, on Monday, respect was evident in each's responses to questions about the other. JPM was convincingly adamant that his pending move to that silver team would not affect his motivation or season, and one sensed he was absolutely genuine in his replies to inevitable questions. Rehearsed, yes, rehearsed patter, no.

Will Williams (or, more importantly, BMW) scupper the Colombian's chances of a title simply to prevent him taking the coveted Number One to the other German-powered team? Consider: crowns are hard enough to win under any conditions, and Williams has now gone 50% longer (six years versus the previous worst of four) than any other period in its history without winning a Championship. Under those circumstances, would YOU wilfully chuck a title or two? Then, factor in BMW's burning need to include a laurel wreath in its product advertising.

These factors, too, apply to Ralf should he give notice. But, the younger Schumacher knows his best chances for a title, given speculation about a career adjustment when his present contract expires at season's end, lie with Williams and the immediate Championship. Of course, only one driver can win the Championship, but, remember, he has the familial incentive of beating Michael to it this year - and has no guarantee that the carrot will exist come 2005, regardless where his future may lie.

On the tester front, in Marc Gene Williams has a driver who, frankly, deserves a regular race berth. But, as the Catalan says, there is no present racing option to better his role of third driver in a top team. He, too, has massive incentives this year: with (at least) one driver leaving, and given Williams' desire for driver stability and his superb showing in last year's Italian Grand Prix as sub for Ralf, Marc is confident (that word again) of being on the shortlist for a race seat in 2005. (A precedent: Damon Hill was in a similar position in 1992…)

Now, consider that Antonio Pizzonia, who served Williams well as tester in 2002, is at a loose end, and that sons-of-Williams-champions Nelsinho Piquet and Nico Rosberg are lurking with fitted seats, and Williams does not appear to lack for development aid.

Next, tyres. To quote Ralf on Monday, "Certainly you wouldn't want to be on Japanese tyres at the moment; being on the French tyres is the right decision." Williams has been with Michelin (note, not 'on' - it formed the first partnership with the French manufacturer upon its return) since 2001, and the chemistry (pun unintended) seems stronger than at any other point in their co-operation. As does Michelin's determination for a Championship.

On the engine front, BMW's Motorsport Director Dr Mario Theissen let slip that the German company's P84 engine is fundamentally an extremely reliable version of the ultra-high revving (19,200rpm), mega-powerful (920 bhp) P83 which last year won four races, and suffered only a single retirement (Theissen: "When it ran out of water in Austria, and even the best engine won't go far without water...").

Given 2004's single-engine-per-weekend rule, the engine, which ran for the first time on 4 September, has had all critical components beefed, but less than anticipated before engineering studies began. "We thought we would need a completely new engine, but then we realised that P83 could be re-engineered to meet the new regulations," explained the 51-year old doctor of engineering. "More importantly, we thought we would pay penalties of 10% on power, revs and weight, but we are reckoning on less now."

Any analysis of BMW cannot exclude the expanded technical co-operation between BMW and Williams. The casings and other components of the new seven-speed transmission - introduced to improve engine reliability in view of 2004's demands of running 800 kilometres between rebuilds - for example, are cast and machined by a BMW subsidiary in Landshut, Bavaria.

Finally, the chassis and THAT nose. That is a technical writer's area, but given Williams' reputation for solid but conservative engineering, the full frontal assault sure is a shock to the Formula One system. Williams, though, has a history of innovation - think constantly variable transmissions, think reactive suspension, think FW08 (rear-biased) six-wheeler. It has, too, one of the best aerodynamicists in the business (ex-Ferrari, Dr Antonia Terzi), who has access to one of the best wind tunnels around - with a second due to be commissioned this year.

Finally, take evolution. Take the FW25. Said to be inherently unbalanced in initial testing, after intensive development under Chief Designer Gavin Fisher (incidentally, not at the unveiling due to illness in his family) and Terzi, it went on to win four races and could, arguably, have won at least 50% more. Then remember that the FW25 was launched five weeks before Melbourne; the FW26 has an eight-week 'teething' window ahead of it.

Would you bet against Williams' chances in 2004? Plus, you could just win Mosley's 'big prize'…