I think it's amazing. SportAuto has tested it around the ring and it's just as fast as some sedans out there on the market. Porsche has done an astonishing job with it, the engine is a master piece.

Updated: More spy shots of Porsche’s next-generation Cayenne
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Update: More images of a prototype for Porsche’s next SUV model have surfaced but along with the new pics comes new speculation that this vehicle is in fact the next-generation Cayenne due in early 2010. Porsche’s next Cayenne is expected to be smaller than the current model and is rumored to based on Audi Q5 running gear as opposed to the Touareg/Q7 platform.

Original: If there was any doubt Porsche was developing a second SUV model positioned below the Cayenne, these latest spy images of a new prototype at the Nurburgring can finally put an end to the uncertainty. Rumors of a baby Cayenne date back more than a year and the car’s existence has continually been denied by Porsche including by its CEO Wendelin Wiedeking.
However, since Porsche increased its stake in Volkswagen, the sports carmaker has been given access to a number of new vehicle architectures and components including the premium midsize SUV structure from the recently revealed Audi Q5 . Just as the Cayenne was based on the same Q7/Touareg design, the new baby Cayenne could adopt Q5 running gear.
Tipped as a hard-core performance crossover that could also share powertrains with the much larger Cayenne, the new model will likely feature both V6 and V8 engines in both naturally aspirated and turbo forms. Power levels will range from about 280hp from an entry-level V6 and could top out at close to 500hp in a twin-turbo V8 model. The line-up will include Porsche’s new direct-injection technology as well as the carmaker’s new dual-clutch gearbox, which is expected to debut in the facelifted 911 range. Expect to see 0-60mph times of under five seconds for top end models and max speeds in excess of 180mph.
The car could also see the introduction of Porsche’s first diesel as well as a hybrid variant but the launch of such models would be at least a year after the SUV’s initial debut, sometime late next year.
More 2010 Cayenne spy shots
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Wow, I am shocked to see the car with such little camo.

It's actually wearing very heavy camo covering the entire rear and front end.

It's not the definitive shape for me, only a Cayenne-disguise mounted on the new chassis.

This photo shows you that the Cayenne Mk1 rear end sheet metal has been glued on to the rear: