I don' think so. The Cayenne Turbo has 450 HP and room for a whole family including luggage. I don't see how that Range could fit me, my wife, two kids and luggage.
And another thing: did you ever drive a Jaguar XJR? My E55 AMG felt ten times sportier and I bet the setup of this new Range isn't much different, very comfort-oriented with a pretty numb steering.
Time will tell but if I was Porsche, I would worry much more about the new Mercedes M-class and even the rumored VW Touareg V12 with minimum 450 HP.