The Mercedes 300SL Gullwing of 1954 has long since achieved legendary status. If you can buy one for less than a million dollars we suggest you grab it – or you can buy a new 2010 Mercedes-AMG SLS Gullwing for less than half that price...

In Australia, only $464,000 plus on-road costs, will put you in the driving seat of this sensational German hotrod.

There are plenty of other styling cues from the original Gullwing in the new AMG SLS. The front radiator opening with its three-pointed star works brilliantly. The headlights are reminiscent of the last of the original SL300 line of 1957-58. The very long bonnet is a standout, as are the side strakes in the front guards. The small glasshouse just screams out that this is a purebred sports car.

Getting into a Mercedes-AMG SLS isn't as easy as in a car with conventional doors. But who cares – this car is all about the Gullwing doors. You slide in by ducking under the door, but not sitting down until you have a grip on the door handle so that you can pull it down as you edge into the seat. It's awkward the first couple of times, but we were surprised at how soon it became second nature.

You do have to get over a raised door sill and ladies are advised that a short skirt is possibly not a good idea.

The cockpit is relatively small, though there's good headroom and certainly no feeling of being cramped. The driver’s seat is ideally placed for maximum control of the wheel, pedals, and stubby gear selector. The seat has multiple adjustments to further let you fine tune your position.

Some may find the passenger seat doesn't recline far enough to have a quiet snooze while on the move. But keep in mind this is a pure sports car, not a grand tourer and you will forgive it.

Instrumentation is simple and very easy to see at the quickest glance by way of the classic two-dial layout. Interior styling is excellent with a theme that will be familiar to Mercedes-Benz owners, and which has a very strong sporting theme.

Rollover protection is provided in a clever manner. Should the Gullwing sense that it is upside down after a crash it will automatically fire small pyrotechnic devices on each of the door hinges. These blow the hinges off and the door can be pushed out from inside or pulled clear by rescuers on the outside.

Power for the AMG SLS Gullwing comes from an extensively modified version of the 6.2-litre V8 which we have praised in many other AMG variants. Peak power has been taken up to 570 horsepower (420 kilowatts) with torque of 650 Newton metres being on tap at 4750 revs. Installed in a lightweight space-frame body that uses a lot of aluminium this stunning unit rockets the SLS Gullwing from rest to 100 km/h in only 3.8 seconds on its way to a top speed limited to 317 km/h.

The AMG powerplant sits well back in the body and is entirely behind the front axle line. It drives by way of a torque tube setup to a transaxle mounted between the rear wheels. The transmission is a fast-shifting seven-speed double-clutch item that certainly plays its part in the aforementioned acceleration equation.

While a top speed of 317 km/h is academic on the road in Australia, the Mercedes-AMG SLS can be taken to a racetrack for some fun at the weekend. Only there will the balance achieved by the mid-front engine and rear transaxle be fully appreciated. A balance that sits at the perfect 50:50 figure once a couple of people are in the deeply sculpted bucket seats.

Semi-race seats are on the options list if you want to get really serious with this car. As also are ceramic brakes and a firmer suspension setup.

On our initial road test out of Sydney we took the SLS Gullwing down to the Southern Highlands of NSW. There we marvelled at the immense grip provided not only by the balance and suspension design, but also by the subtle electronic assistance provided by computerised sensors.

The sound of this engine has to be heard to be believed. The volume is satisfyingly high at even modest engine revs and low road speeds. And it simply increases in urgency and character. Those who love high-performance V8s will smile every time they hear this car.

Ride comfort is firm, but not overly so. This is a car that could conceivably be used on a daily basis, unlike some in this class that would simply prove uncomfortable after the original thrill of driving had subsided.

This is the first car ever completely designed by AMG, all previous models have been based on donor vehicles supplied by Mercedes-Benz. The performance car specialist has done an exceptional job and it seems likely the SLS Gullwing will become a modern day classic

Only 70 are being imported to Australia for the remainder of 2010. Fifty of these have already been spoken for so if you have half a mind to buy one and have half a mill burning a hole in your pocket it may be worth a quick phone call to your local dealer before it's too late.