If you're skeptical that nostalgia is an effective marketing tool for selling automobiles, perhaps you've forgotten about the success of such neo-classics as the Volkswagen New Beetle and the Mini Cooper. Then there's Ford's upcoming new Mustang Bullitt, a handsome reincarnation of the 1968 original and a ponycar that pulls at Hollywood heartstrings.

BMW is banking on similar sentiments when it introduces the all-new 135i and 128i coupes to the U.S. this spring. A so-called "contemporary rendition of the 2002," the 1 Series does a stellar job of incorporating the hallmarks of the 2002 Series-rear drive, powerful engine, and space for four-into a modern, attractive package.

While not a movie icon like the 1968 Bullitt, BMW's 02, which graced U.S. shores in the late 1960s and early 1970s, nonetheless left an enduring mark on the car world. Why else would BMW display a pair of pristine 1972 2002 tii coupes at the 135's international press launch on the Baltic island of Gotland, Sweden? Can you say heartstrings? By combining a gutsy four-cylinder and a well-balanced chassis with German engineering and an attractive price tag, BMW created an instant hit and, unbeknownst at the time, a cult classic. In fact today, an immaculate 2002 can fetch as much as $30,000. Plus, many of the 84,000 sold in the U.S. between 1968 and 1972 are still scooting around today, and some are even being raced. Avid only begins to describe fans of the 02.

Of course, these enthusiasts are nevertheless stuck with a vehicle that's well into its 30s. In car years, that tends to mean dubious reliability, expensive maintenance, and an absence of amenities. What to do if you want to go modern? Well, the 1 Series-certainly the 135i-makes an obvious and compelling case. And with 300 horsepower, a six-speed manual, and a perfect 50:50 weight distribution, the rear-drive 135 isn't only compelling but propelling. Zero to 60 should take about five seconds and the quarter mile under 14.0, especially considering a heavier 335i coupe we tested needed 5.1 and 13.6 at 104.3 mph, respectively. Top speed will be limited to 155. Pocket rocket? More like musclecar. For a small two-door-8.9 inches shorter end to end, 1.4 narrower, and 0.3 taller than the 335 coupe, with a 4.0-inch-stubbier wheelbase-the 135 puts up big numbers, placing it in the same ballpark, ironically, as the aforementioned Bullitt.

"An entirely new class of its own," says BMW, the 135 is indeed difficult to classify. Starting at around $35,000 (the naturally aspirated, 230-horse 128 will come in below 30, according to BMW), it could be compared with a multitude of sporty cars, ranging from the Mustang and the upcoming Camaro to the Nissan 350Z and the Volkswagen R32. While its price and performance pit it against these cars, its brand label lifts it to a more elite stratum, despite the fact that it'll be BMW's "entry-level" car. But there's very little that's entry level about the 135, considering it shares the 3.0-liter twin-turbo I-6 and much of its architecture and front-strut, rear-multilink suspension with the $41,575 335i coupe. All that sharing, though, results in weight savings of only around 130 pounds.

Okay, so it's not a lightweight, tossable toy like the 2002. But, as we found out at the two-mile Gotland Ring, it's still a satisfying, blistering car at the racetrack. Fitted standard with the M aerodynamics package (lip spoiler and racier front and rear fascias and side sills) and the firmer M sport suspension, which lowers the car by 0.6 inch, the 135, wearing 215/40R18 front and 245/35R18 rear Bridgestone Potenzas, displayed linear (albeit a bit numb) steering, negligible body roll and moderate understeer that, with 300 lag-free horses under your right foot, can be easily transitioned to oversteer on demand, especially with stability and traction control turned off. The brakes, which are best described as large and in charge, are always on their game. Supplied by Brembo, the front 13.3- and rear 12.8-inch vented discs get squeezed by tenacious fixed calipers-six-piston front, two-piston rear-for the ultimate in feel and strength (128s get single-piston floating calipers). Neither the 335 nor the M3 get brakes this robust. Suffice it to say, they resist fade like a tidal wave.

Around Gotland, the 135 provided a taut, compliant ride that made enjoying the cozy cockpit a pleasure. Though more snug than the cabin in a 3 Series, the 1's offers enough space in back for six-footers and is smartly adorned with such standard or optional equipment as leather or leatherette seats, HD and satellite radio, navigation (with iDrive), Bluetooth, moonroof, iPod integration, adaptive bi-Xenon headlamps, and 60/40 split-folding rear seat, which expands the 13.1 cubic feet of trunk space.

What about a convertible and an M1? While the former is coming in spring, the latter isn't going to happen, at least in name, as that's a sacred badge for BMW. But rest assured that a more powerful, featherweight tii is most likely. Until then, the 135 will make you feel as if you're partying like it's 2002.

a heavier 335i coupe we tested needed 5.1 and 13.6 at 104.3 mph

Copenhagen, Denmark - There are two ways to look at BMW's newest, and smallest car, the 1 Series coupe. It's either a return to form, a back-to-basics expression of the company's most traditional values. Or it's an expensive little indulgence, a car that makes little sense from a logical standpoint but whose looks, performance and image will nevertheless make it a favourite of die-hard car enthusiasts.

Perhaps it's both.

Just looking at the 1 Series - which was originally created for the European market in hatchback form, which we won't get - it's hard not to be reminded of the 2002, the little sports sedan that racked up success after racing success and whose sparkling performance and compact size became the very definition of what a BMW was all about. From the tall, thin-pillared greenhouse to the flat, almost retro way the hood flows straight along the side of the car into the short rear deck, there are similarities with the 2002. Like the 2002, the grille hunches forward a little bit and the wheels are pushed out to near the corners of the car. Unlike that car, however, the detailing is decidedly modern, with a sweeping character line across the lower half of the car that visually links it to the current 3 and 5 Series models.

Opt for the more-expensive turbocharged 135i (the line-up starts with a naturally-aspirated 3.0-litre 128i) and you get a standard M Sport package whose sill extensions, rear spoiler and big alloy wheels give it a pumped-up, ready-for-action air that's reminiscent of the old turbocharged 2002 race cars. A diffuser under the rear bumper frames two fat exhaust pipes, further underlining its performance intentions. All told, it's sort of a cartoon of the best BMW styling cues, strung together into a cheeky, aggressive whole.

This is hardly an illusion: while the 1 Series may be BMW's smallest offering, it's a real rocketship. Even if you choose the "base" 128i, you get an inline-six that produces 230 horsepower, enough to hurl it to highway speeds in a couple of blinks of an eye. If that's not enough, the 135i that I drove comes with the same twin-turbo 3.0-litre six that's available in the 3- and 5 Series models. With 300 horses and a fat 300 lb-ft of torque pushing along only 1,560 kg, BMW claims the 135 is as fast as the old M3 - but because of the turbo engine's fat torque curve and its immediate throttle response, it feels even faster than that. The M3 required you to rev it like crazy when you wanted to go fast; all you have to do in the 135 is roll your toes onto the gas pedal.

Because of its compact size and huge power, the 135i has an eager, almost aggressive nimbleness that makes it a very exciting drive. You barely need to twitch your hands on the steering wheel to induce changes of direction; the four-piston monoblock brakes haul the car down from big speeds powerfully with just a brush of the pedal and thrust out of corners is awesome. Standard 18-inch tires mean that there's plenty of cornering grip, though it'd be quite easy to break the rear end loose with the traction control turned off and with your foot planted firmly on the floor.

There's something really nice about the way the 1 Series flows down the road. It's not as aggressive as an M car, but much of the time, that's actually better given our less-than-perfect road conditions. Ride quality, even with run-flat tires, is quite good for something with such a short wheelbase and the steering, brakes and shifter all have a liquid smoothness to the way they operate. You can guide the 1 Series with gentle, measured movements or bully it and it always responds faithfully, doing exactly what you ask of it. Simply put, it's a beautiful and intuitive car to drive - a car that flatters your every move, making decent drivers look like experts and expert drivers look like heroes.

Much of that driving purity comes from the 1 Series' light weight and tight dimensions, which exact a price in terms of interior comfort and refinement. There's a fair bit more road, wind and engine noise than we've become used to in modern mainstream BMWs, but that's not really a bad thing: the twin-turbo six, in particular, sounds fantastic. What will be more of an issue to potential buyers is the small interior. The rear seats, for instance, are almost useless if the front-seat riders are any more than average size. Up front, whether the 1 Series feels intimate or just small will depend on how enthusiastic a driver you are. The centre console is tall and wide and the seats are set closely together, while the roof is cut down low; taller drivers would be wise to opt out of the sunroof. There are, however, still plenty of practical storage places in the cabin, while the trunk is well-shaped and easy to access, if not actually all that big.

No complaints, however, about the quality of the interior fittings or the materials used. They're as nice as any other BMW, with soft-touch plastics on the dashboard, soft leather on the seats and metallic or wood-grain trim.

As well, indeed, they should be: the 1 Series, though small, is far from being a cheap car. Thanks to the high-end engine line-up (you can, remember, buy a 200-hp 323i), prices are likely to start at just below where the 3 Series begins, say at around $32,000. The 135i, thanks to its much higher level of standard equipment - that M sport body kit, lowered sports suspension, high-end audio system and sport bucket seats, among other things - will likely start at over $40,000, about where a 328i starts.

Given its size, power output and, likely, price, the 1 Series doesn't really have any direct competitors. The 128i may be shopped against expensive performance hatchbacks like the Volkswagen GTi, Mazdaspeed3 or even lower-end Audi A3s, but it's much less roomy, much less practical than either of those entries; conversely, none of them offer the level of interior quality or rear-wheel-driven driving pleasure that the 1 Series offers. The 135i, on the other hand, will likely find itself cross-shopped with larger, more expensive coupes, like the Audi TT, Infiniti G and even BMW's own 3-series coupe. More fun than any of those cars as a pure driving experience, its smaller size also will come with a much smaller price-tag - at least until you go hog-wild with the options list.

The 1 Series goes on sale next spring. For drivers yearning for something premium, small and most importantly rear-drive, it's going to be a really long wait.