Not to steal your thunder, Jeff, but the new IS250 has a 2.5L V6 with 205hp and will be available in both an FR and FAWD layout. It will also be the only one of the two to have a manual trans available-which will most-likely be a 6sp. The IS350 has a 3.5L VVT-i V6 with 306 hp and 277 lbs./ft. of torque, has a 6sp. auto trans and will only be available in an FR layout.
I've read a couple articles on the IS350 (OCT/05 Motor Trend, SEP/OCT/05 Speed Magazine) and I'm pretty impressed with it, easily more so than the IS300. It looks much more refined and mature. A tasty option is the new 18" wheels that are wrapped with 225/40 rubber, front and rear. The brake rotors are substantial, to say the least, at 13.2" and 12.2." It also has a lower coefficient of drag than the MKIV Supra-.28 vs. .30 (spoiler-less, as I remember it). It charges to 60mph in a considerable 5.5 seconds and reaches 100 in the 1/4 at 14 flat-hello 350Z!
The writers at Speed Magazine made it clear that this is not [first and foremost] a BMW 3-series competitor. They said that the engineers at Lexus did just what they wanted to do with the car and went by a so-called "Lexus must..." list. The article points out that the experience of driving this car sets it apart from BMW and is clearly a Lexus experience-one that I am very much a fan of.
I'm pretty excited to see these on the streets when I return to America in December. I'm sure it will end up being a great seller with many very happy customers.