The 997 Turbo indeed will be something special, thanks to Ferrari for the F430 and also thanks to Lamborghini by creating the rumor of a much stronger Gallardo.
Right now 480 HP are in the word for the Turbo, I hope it stays this way. Personally, I would say that 500 HP look better on paper but I'm not sure Porsche will take this route.
Finally, Porsche seems to have come to their "senses". The 997 Turbo is rumored to be a true successor to the 993 Turbo which over 8(!) years ago was a performance monster, especially the 450 powerkit version (later sold as a Turbo S with some mods).
The 997 Turbo will have a lot of new technology, something which actually worries me a little bit. I just hope they test the 997 Turbo thoroughly until they decide that it is ready for a "go".
Right now I heard performance figures of 3.9 seconds from 0-62 mph and 13 seconds flat from 0-125 mph. Top speed should be in the 315 kph range. I also heard that one prototype already did below 7:50 on the Nordschleife but prototypes can be better or worse than the final product and it also depends on the tires the car was driving at the time of testing.
Performance figures can be much better (I hope not worse...
), so please take everything I say with a grain of salt. I have to rely on rumors and gossip from people close to Porsche and unfortunately this doesn't mean the information is accurate. When I get 100% confirmed data, I post it here...if possible without putting the source in danger.
The price tag of the 997 Turbo will be an interesting story too, especially with regards to the US market. With a falling Dollar and stronger Euro, the 997 Turbo might be substantially more expensive in the US in two years compared to the 996 Turbo.