The humiliation of 2013 was never far from the public consciousness, and daring to believe was accompanied by dread of the potential for the prize to be snatched away once again, giving added piquancy.
History did not repeat, however, and a New Zealand public that, according to polls, wasn't especially enamoured of the event in its early stages began to climb aboard the ETNZ campaign. Early on Monday morning, when what had long seemed unlikely, if not impossible, became fact, we saw scenes of unadulterated joy. Too much even for the critics to sour.
The greatest jubilation might have been witnessed at yacht clubs around the country, places inhabited by those who could be relied upon to lend their moral support to ETNZ come what may, but there was no doubting that this campaign, like its predecessors, had gripped the imagination of (almost) an entire country.
It had everything - tension, drama, the constant potential for disaster, and increasingly an opportunity to once again revel in the fact that New Zealand does a pretty good impression of a roaring mouse. And roar 'we' did in Bermuda.
There is so much more to celebrate than vicariously sharing in the achievement of a team of professional sportsmen. We are told that hosting the 36th America's Cup, presumably in Auckland, will be worth hundreds of millions of dollars to the boat designing, building and maintenance industry alone.
That might be a slight exaggeration, given that industry's existing reputation. Word has it that there wasn't a single syndicate in Bermuda that wasn't using New Zealand expertise, on or off the water, to some extent, so perhaps bringing the event itself here won't add greatly to that. But it will reinforce it.
The win emphasised New Zealand's superiority in a number of fields, despite the fact that the boats were built to the same very specific design.
Presumably the computer software that played such a crucial part in enabling the crew to sail with a degree of precision that Oracle couldn't match was ours; otherwise why the questions as to how the biggest software company in the world was having problems telling its boat exactly where it was on the course?
If New Zealand software was a key component of the victory, that will only add to our reputation as a country that excels at innovation, which can do a host of industries no harm at all.
We now know, too, that money can't actually buy everything (even if it did pretty much buy Team NZ to pave the way for Alinghi's win in 2005).
We have yet to see whether other syndicates will have the same success in pilfering talent from the current Team NZ. That would seem inconceivable at the start of what will hopefully prove to be a lengthy tenure as America's Cup holders, but might become more realistic after a successful defence or two.
It is unlikely, however, that any of those involved will be oblivious to the rancour generated by Russell Coutts' defection, and even more pertinently his efforts to pick the eyes out of the New Zealand team to the benefit of the Swiss.
As far as 2017 goes, the resources available to Oracle were effectively unlimited, yet all the wealth of its backers could buy no more than one finals race of nine. That should be a huge source of pride, and a valuable lesson to teach the next generation, not only of sailors but all who will undoubtedly face major social and economic challenges in an increasingly difficult world.
We can also take pride in the skills, and demeanour, displayed by ETNZ both on and off the water. Peter Burling attracted a great deal of the credit, but he was only part of a team that displayed qualities on which we pride ourselves, not least a remarkable degree of taciturnity under pressure, and in victory.
All the best elements of what we like to believe is our national character were on display in Bermuda, adding significantly to the self-congratulatory euphoria that erupted on Monday morning.
There were post-win revelations too, most notably that the ETNZ dagger boards - who had ever heard of them before Bermuda? - were in the process of failing before the final series of races was completed. Jimmy Spithill's 'leak' in the ETNZ camp must have gone off the boil, if he ever had one.
That too was no doubt a figment of his imagination, a tactic adopted by a syndicate that was prepared to go to any lengths to keep the trophy.
The history of the America's Cup is increasingly becoming a New Zealand story, after more than a century of US domination. A New Zealand syndicate was only the second outside America (after Australia) to win the Cup, and the first to successfully defend it. New Zealand is one of just four countries ever to win it, and now has the opportunity to add to that record in waters that, according to the experts, richly reward local knowledge.
The Royal New Zealand Yacht Squadron also now has the chance to design a fair competition, one that does not favour the defender. Hopefully it will do that. Nice guys might finish last, even if that did not hold true in Bermuda, but it would be a shame to see a repeat of the lengths taken by Oracle to disadvantage the challengers.
Surely the majority of New Zealanders would rather see the trophy lost fair and square than keep it by foul means. That alone would go a long way towards answering those who believe the Cup has no prestige.
And this is not a time for debating whether the money spent on a yacht race would be better spent elsewhere. Rather we should focus on what success in this event can do for us all, not only in terms of lifting spirits but in strengthening an industry that makes a lot of money and creates a lot of jobs, and can hopefully achieve much more. It is a time to be proud to be a New Zealander, part of a country that has again taken on the best opposition that the world can offer and has prevailed.
As a radio talkback caller said last week the "losers" who see this event as simply an opportunity for rich people to become richer can bugger off and vote for the Greens.
