Eyeball this photograph. It's the only chance you have to see BMW's long-awaited Z3 roadster until November, when the movie Golden Eye opens.

To the dismay of the British Empire, the allure of this BMW shot down Aston Martin's hopes of casting the new DB7 as James Bond's exotic mode of transport in his latest saga. Instead, he'll drive an American-made, German-designed ragtop. Well, everything's gone to hell since Connery bailed out anyway.

BMW will also upstage by several months the debuts of two other much-previewed German sportsters. The Z3 will have its premiere at next January's Detroit auto show; a few weeks later, this South Carolina-built rival for Mazda's Miata will go on sale in both the U.S. and Europe. Porsche now plans to unveil the production Boxster at the Geneva show in March 1996 but won't start taking your money until September. Mercedes plans a June launch for its SLK, at least in Europe.

Meanwhile, these are the first official photographs of the Z3, BMW's "affordable" roadster. Affordable? BMW's target price for the U.S.--easily the most important market for the new car--is $25,000. Unless there's a dramatic shift in exchange rates, that means the base 113-hp Z3 will cost around $7000 more than the now six-year-old MX-5 Miata.

So sensitive is the price of the Z3 that, unofficially, Rover management asked BMW--remember, BMW now owns Rover--to raise the price of the Z3 in Britain. Rover's problem is that the new 143-hp MGF, the reborn version of the classic MG (which won't be sold in the U.S.), is expected to cost about $29,500, and the 138-hp BMW Z3 (which is the only version to be sold in the U.K.) should run just $800 or so more.

But with BMW's plant in Spartanburg, South Carolina, set to build 30,000 Z3s a year, Britain is too important a market to restrain artificially. Munich's decision: The MGF and the Z3 will compete head-on.

Unlike the mid-engined MGF, the Z3 follows a more traditional plan. It's built on the 3-series hatchback platform, with the old-style semi-trailing-arm rear suspension, and its rear wheels will be driven by either of BMW's two front-mounted 1.8-liter four-cylinder engines. For most markets, the entry-level engine is the eight-valve four taken directly from the European 318i; it produces 113 horsepower at 5500 rpm and 124 pound-feet of torque at 3900 rpm. Those who prefer the more sporting character and spirited acceleration--0 to 60 mph in close to 8.0 seconds--of the 16-valve DOHC version will have 138 hp at 6000 rpm and 129 pound-feet of torque at 4500 rpm to play with.

The long-nose/short-tail profile so obvious in the photographs isn't just a styling gimmick. BMW's brilliant 193-hp, 2.8-liter, all-aluminum in-line six also fits under the hood. Expect it late in 1997, to give BMW a model capable of matching the supercharged Mercedes-Benz SLK and the six-cylinder Porsche Boxster.

Buyers of the Z3 will choose between a five-speed manual gearbox and an optional GM four-speed automatic. Later, ZF's five-speed auto will also be added to a long list of options that will eventually include a hard top, a power-operated roof, and air conditioning.

"Go-kart like" is the message getting out about the Z3's handling. To improve agility and provide more direct steering, the ratio of the 318ti's power steering was reduced by about 20 percent for the Z3. Spring and damper rates are firmer and the diameter of the anti-roll bars larger, while the track is increased slightly by 0.28 inch at the front and 0.55 inch at the rear. A 4.3-inch reduction in length (compared with the 318ti) to 161.4 inches helps, but the most significant dimensional change is a nearly 10-inch reduction in the 3-series' 106.3-inch wheelbase to give the Z3 a wide-track stance.

In contrast to the kart-ish Z3 four-cylinder, the Z3 2.8 will feature a more boulevard-quality ride, with softer springs, dampers, and anti-roll bars. A sport suspension will be available, but it too will be softer than the base Z3's.

The Z3 is bigger than the Miata. The designers have exploited the added space to ensure that the BMW is both more versatile and more practical. The cockpit offers plenty of bins for minor luggage, and the trunk is sensibly shaped and relatively large for this kind of car. Nonetheless, the Z3 is a pure two-seater. If you want to carry a third person, you'll have to wait for the 1997 Z3 Hatchback, which will have a single, transversely mounted seat.

Weight? No official figure yet, but the same insiders who say the Z3 will have a rigid and highly crashworthy body structure guess that it will weigh about 2600 pounds, virtually the same as the 318ti Compact.

BMW's designers have opted for a look that combines just the right degree of retro-styling--those side vents are supposed to remind us of the 1956-59 BMW 507--with plenty of contemporary detailing. Prominent wheel arch bulges are filled by 16-inch alloy wheels.

Customers can choose their own level of exclusivity. Beyond a wide range of exterior and interior colors and upholstery materials, BMW will offer a choice of optional aerodynamic components or exterior chrome trim, so the buyer can go with either a modern or a traditional look.

BMW has learned the lessons of the high-priced ($47,000), limited-volume Z1 sports car that struggled to sell just 8000 examples between 1989 and 1992. The Z3 represents the opposite approach. In fact, BMW sees its new sports car taking over from Mazda's MX-5 Miata as the world's best-selling ragtop roadster.