Just when you thought the day of the performance car had passed, Cadillac proudly thumps its chest with its latest and greatest CTS-V. Once the entry-level model of the Cadillac line, the CTS is now the centerpiece of a solid line of top-tier sedans and SUVs.

The 2009 CTS-V pulls off the rare hat trick of supercar performance, style and value. While Cadillac calls the CTS-V the ultimate expression of performance and luxury, I’d say it’s more like the ultimate Cadillac.

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Cadillac CT-V

To help achieve ultimate status Cadillac brought in some heavy artillery. Cadillacs have always had big numbers under the hood and up to the mid-1970s you could opt for a V-8 punched out to more than 500 cubic inches. In 2009 Cadillac once again is part of the 500 Club, but this time it’s horsepower and not engine size that allows membership. The CTS-V is powered by an all-new LSA 6.2-liter supercharged V-8 engine. Rated at 556 horsepower and 551 pound-feet of torque, the CTS-V’s new LSA engine is the most powerful engine ever offered in Cadillac’s 105-year history and makes it one of the world’s fastest performance sedans.

GM’s ageless small-block V-8 architecture is the basis for the LSA, and it comes with goodies like an intercooled supercharger system, premium aluminum-alloy cylinder heads. The supercharger features a new, four-lobe rotor design that enhances quietness while also optimizing the performance parameters of the engine.

Fuel economy is decidedly low at an Environmental Protection Agency-rated 12 city and 18 highway mpg. I did not reach those numbers. I averaged around 14 in combined city-highway driving. You can get away with lower octane fuel, but Cadillac recommends premium for maximum performance.

Backing the 556 horses is a pair of six-speed transmissions. The test car came with the new Tremec TR6060 six-speed manual with a dual-disc clutch. I have to give credit to GM engineers for providing a stout manual built to handle the engine’s outrageous power while providing refined around-town manners.

The TR6060 transmission is based on the old T56 six-speed from the previous CTS-V, but upgraded to handle the LSA engine’s substantial increase in torque, as well as improved shift quality via a dual-disc clutch system. The twin-disc clutch delivers exceptional diameter clamping power and excellent shift effort, achieved with the use of a pair of smaller clutch discs that have less inertia than a single, larger-diameter disc.

Cadillac indicates that the CTS-V can accelerate from 0-60 mph in less than 4 seconds. When have you ever heard that about a Cadillac?

The 2009 Cadillac CTS-V offers more than just speed. Cadillac says the CTS-V features the world’s fastest-reacting suspension technology: magnetic ride control. It uses shocks controlled by advanced magneto-rheological technology rather than mechanical valves, greatly accelerating response time and precision. Electronic sensors at all four wheels literally “read the road” every millisecond, making constant adjustments to damping to create virtually instantaneous and extremely precise control of body motions

On the street this setup is a performance driver’s dream allowing you to expertly dial in your level of ride and precision handling. You have your choice of tour and sport settings with different control logic. Firm or cushy, it’s your choice. In the sport mode this setting elevates damping modulation and reduces the preset steering, braking or road inputs so you can drive aggressively longer without electronic interference. The tour mode delivers more of a traditional Cadillac ride but it is nowhere near the pillow-soft Cadillacs of old.

CTS-V includes sophisticated braking and tire systems from Brembo and Michelin. The Brembo brakes are outstanding, and Cadillac equips the CTS-V with 15-inch, six-piston calipers in the front and four-piston calipers in the rear. Slotted and vented rotors enable strong initial braking force while optimizing heat resistance and eliminating fade.

The rolling stock consists of 19-inch Michelin Pilot Sport 2 (PS2) summer tires on exclusive CTS-V alloy wheels.

The inside of V-Series includes all the elements of the CTS sport sedan’s well-received cabin while offering some nice performance enhancements. The upgrades to my test car included supportive performance driving seats that really aid aggressive driving with 14-way adjustability with pneumatic bolster controls in the seat cushion and backrest. Final note on seating: The CTS is a tightly packed car and as such, rear seat passenger room is not the greatest.

I didn’t like the faux carbon fiber trim look that Cadillac used to surround the CTS-V’s integrated center stack, center console and door trim. Also the fit and finish could be turned up a notch. The hand-stitched instrument panel, door trim and center console materials were first rate. Sounds abound with infotainment features like a 40-gigabyte hard drive, advanced navigation system with a pop-up screen and Bose digital surround audio, as well as factory-installed Bluetooth capability.

So you’re probably thinking all this high-end performance costs a mint, right? Not so. This car is a performance bargain with a base price of just more than $60,500 (gas guzzler tax included). Optional highlights included steering-linked headlights, navigation system, Recaro seats, microfiber trim, special paint and destination charge for an as-tested price of $68,135. Remember, this car can run with exotic sports cars and limited production sedans that cost plenty more.

I was impressed with the performance levels this car can reach and the grins it brings. True, some improvements could be made, but unlike most supercars the CTS-V offers a split personality: Drivers can switch back and forth between performance car and luxury touring machine in a matter of seconds.

2009 CADILLAC CTS-V

ENGINE: 556-horsepower 6.2-liter V-8

TRANSMISSION: six-speed manual

DRIVETRAIN: rear-wheel drive

FUEL ECONOMY: 12 city/18 highway

BASE PRICE: $60,500

AS TESTED: $68,135

WEB SITE: www.cadillac.com