Paddy Comynis left in a daze after the Fiat launch, while Michael McAleergets behind the wheel at Fiat's Balocco test track
One suspects that if the financial situation hadn't changed dramatically at Fiat, then the Italians might have spared the city of Turin a night of fireworks that would do Baghdad proud.
Fiat chief executive Sergio Marchionne described it as not "the launch of a car, but the launch of the Fiat Group".
The streets, alleyways and squares of Turin were filled with perfectly preserved examples of the original car to celebrate its 50th anniversary, and to welcome the new one too.
However, with Fiat returning to profit last year after 17 quarterly losses in a row, there was a little bit more to celebrate. And Fiat was not about to be timid about it. After all that belt-tightening they were ready to splurge. Estimates for the entire gig are being put at €8 million. That's a lot of 500s to sell.
Some 18 hours after leaving Dublin, we took our seats at a specially constructed venue on the banks of the river Po at 10.30pm, surrounded by Piazzo Vittorio Veneto and the Gran Madre church and joined some 10,000 guests. The producer of the show was Marco Balich, the man behind the opening and closing ceremonies of the Turin 2006 Winter Olympics, and concerts for Pink Floyd and U2, so we expected big things.
Video screens showed iconic scenes from post-war Italy accompanied by a suitable soundtrack from the likes of Lucio Battisti, Mina and Francesco De Gregori (No, I hadn't heard of them either).
Then the trip really began to get surreal. A large floating bed entered, leaving behind a trail of gold dust, followed by a floating policeman, floating ice cream vendors, floating cyclists, a floating banquet with 16 guests and various other performers, you guessed it, floating. This was followed by a mock Beatles group, their stage pulled by an old Fiat 500. Marilyn Monroe (aka Claudia Gerini) came out and sang Happy Birthday. A metal frame was carried on to the stage by crane and 60 performers placed themselves on to it and formed the silhouette of the new Fiat 500.
Lauryn Hill appeared on a moving, floating structure, accompanied by a full band. Finally, a Fiat 500 drove into view, but it just seemed to levitate before floating away.
Finally, after much ado, a procession of 10 new 500s drove across the bridge and the fireworks began. There wasn't an intact eardrum left in Turin.
The next day and our psychedelic launch party was replaced by a press conference that's seemingly modelled on a Fianna Fáil Ardfheis, albeit with much better suits.
Over a thousand journalists gathered to hear the gospel according to Fiat. In normal circumstances Fiat press conferences result in sighs of "is that it?" from the jaded media, but this car is just too cute to be mad at.
There are only a handful of car companies that get to play the nostalgia card. BMW were able to capitalise on the love of the Mini brand to enjoy incredible success with their 2001 revival of the car. Volkswagen got it wrong with their Beetle, however, making the car too big and cartoon-like for most former owners or would-be buyers.
The Fiat of five years ago might have botched things up too, but with Marchionne at the helm, aided and abetted by youthful chief executive Luca De Meo and former Mini designer Frank Stephenson in the style studio, things look a lot more promising.
Aimed as a rival to the likes of the Mini, it will cost significantly less. Engines will include a 69bhp 1.2-litre and 100bhp 1.4-litre petrol versions and a 75bhp 1.3-litre Multijet diesel. There is an endless amount of customisation available to the car, so each one can be individually tailored to the owner's wishes.
From pre-orders of the car it would appear that Fiat will be on to a winner with this car.
Our initial drive and the overwhelming public reaction suggests Fiat have a real cracker on their hands. Several weeks ago we got the chance to try out the 500 on the firm's Balocco test track and it didn't disappoint.
Among the most eyecatching and heartwarming features in a car that's hard to hate is the carryover of exterior colour onto the dashboard plastics, harking back to the original versions.
The fit and finish of the car is far superior to anything we've encountered in a Fiat. Switchgear is on a par with better built Japanese small cars.
On the 5km of winding test track, built to mimic a country road rather than a race circuit, the car's deft ability also comes out. The diesel engine can be noisy, but is by far the best buy given its nice flow of torque over the 1.4-litre model we tested. While the 1.2-litre entry model was not available, it's unlikely to prove as peppy as the diesel.
It's a heavy car when compared with the outgoing 500 of 1975, but for all the features - that include ESP as standard - you have to be impressed. It's not as "sporting" as the Mini, but the test cars at least feel better built than their British counterparts. This car will clearly steal Mini sales.
There have been 30,000 orders already and plenty of smart marketing. Included in the deal is a 500,000km or five-year warranty and a new finance package that will mean you can own a 500 for just €5 a day. Fiat went mad with amore over the 500 launch in a charm offensive overkill worthy of a car that didn't stand up to too much scrutiny.
What they didn't seem to realise was that when you have a car like this, you don't need the fanfare. Just let the world see and drive it. That should be enough.
Factfile
ENGINES:1.2-litre 8v 4-cylinder petrol with 69bhp and 102Nm torque. 1.4-litre 16v 4-cylinder petrol with 100bhp and 131Nm torque. 1.3-litre 16v Multijet diesel with 75bhp and 145Nm torque.
PERFORMANCE:1.2-litre petrol: Max Speed 160km/h, 0-100km/h 12.9 secs; 1.4-litre petrol: Max Speed 182km/h, 0-100km/h 10.5 secs; 1.3-litre diesel: Max Speed 165km/h, 0-100km/h 12.5 secs
FUEL ECONOMY/CO2:1.2-litre petrol: 5.1 l/100km, 119 g/km; 1.4-litre petrol: 6.3 l/100km, 149g/km; 1.3-litre diesel: 4.2 l/100km, 111g/km
AVAILABILITY:Car will be launched in Ireland in December with prices starting at around €17,000.