KEY POINTS:
Six months from the start of the America's Cup Challenger Series, Team New Zealand are the top-ranked challenger and seem to be progressing well. But what of their opponents? How are they going in their quest for the Auld Mug?
THE DEFENDER
Alinghi (Switzerland)
In case it isn't crystal clear already, Alinghi are going to take some beating next year.
Why? Because they are old and wise.
In this year's final regatta they were the only one of the top four teams to use an old boat and they finished second to Team New Zealand. The top challengers sailing their new boats could barely compete with Alinghi sailing an old, but modified, boat.
Alinghi's old boats SUI64 and SUI75 are widely believed to have been half a generation ahead of their rivals.
"We have used a boat to catch up with Alinghi and they have a brand new one in the shed," Team New Zealand tactician Terry Hutchinson pointed out.
"If they make another generational jump they'll be another half generation ahead of where the challengers sit right now."
That will be the telling factor - whether the Swiss can advance much further.
In the last cup they led the way in several areas. They instigated the square top mainsail and created the twisting rig. Already in this cup they have unleashed a black mainsail and, with Oracle, a jumper-less rig.
But the mastermind behind SUI64 and SUI75 - Russell Coutts - is no longer there.
Alinghi's first new boat SUI91 was launched in May and their second boat is expected in March. They head to the Valencia-like conditions of Dubai for testing from mid-November to the end of February with SUI64 and SUI91.
In terms of crew Alinghi are strong. End of story.
The five Kiwis on board - Dean Phipps, Murray Jones, Brad Butterworth, Warwick Fleury and Simon Daubney - are vastly experienced and are probably still the crucial cog in the team's success.
They have yet to settle on an afterguard, continuing their rotation policy of Peter Holmberg, Ed Baird and Jochen Schuemann sharing the helming duties.
Alinghi say they will not make a decision on the afterguard for "a while". It creates healthy competition but can also cause tension.
Summary: Alinghi are still the favourites to win the cup. Their new boats will be good and their crew work flawless. To beat them is going to be a big ask. The key for any challenger could be boat handling, being able to mastermind a pass and having the ability to defend like hell.
THE CHALLENGERS
Oracle Racing (USA)
Challenger ranking - 2nd
Skipper Chris Dickson described it as the most innovative America's Cup class boat built but while USA87 didn't set the world on fire in this year's racing, it is still the yacht that intrigues most. With its mast further forward and bowsprit, USA87 showed good acceleration but at times appeared tricky to sail.
So little separated them and Team New Zealand in the last regatta that many described the hitout as the some of best match racing ever seen in the cup.
If that is a sign of things to come then a stiff drink may be the best accessory for fans next year.
Like Team New Zealand it is hard to find fault with Oracle's crew work.
Their afterguard is probably not as settled as Team New Zealand's but is by no means less potent. New Zealander Gavin Brady is back sailing with the team, having quit last year, and provides another option.
The syndicate arrive in Auckland next weekend and will train there over the summer. They will enter two teams in this month's New Zealand match racing championships.
Oracle are unsure when they will launch their second boat. Speculation is they will fly it to Auckland in February.
Summary: There is no doubting Oracle could easily go through to the final. They are very slick and very intense.
Luna Rossa (Italy)
Challenger ranking - 3rd
The Italian syndicate is probably best described as dangerous.
Personnel wise they have improved immensely through the recruiting of some "foreign sailors" who have brought discipline and stability to the syndicate.
Amongst the new recruits are talented Australian helmsman James Spithill, American Charlie McKee and New Zealander Andrew Taylor. Still in the mix are Francisco de Angelis who remains the skipper and tactician Torben Grael. But their first new boat, ITA86, is okay at best. It was launched in March, raced in this year's regattas, then sent back to the boat yard to be fitted with a new bow - reminiscent of the last cup where they changed their boats' bows early in the competition.
De Angelis says the bow change is a "full-scale test that had been planned since March 2006". "The change was positive," he says. "The opportunity to do a full-scale test was also used by other teams, so we are not the first to do it."
Luna Rossa are strong in sail design - their downwind sails are probably the best. Their second boat ITA94 will be launched at the end of January.
Summary: Luna Rossa are third on the challenger leaders board with 118 points behind Team NZ with 125 and Oracle 123. They can upset Team New Zealand or Oracle but need to dig deeper to find something to beat those two on a regular basis.
Desafio Espanol (Spain)
Challenger ranking - 4th
A well-funded campaign. Desafío Espanol launched their first boat ESP88 in April and have a second boat ESP97 under construction. The sailing team features mostly Spanish sailors but have several international sailors, including Karol Jablonski and Jesper Radich. Their afterguard features New Zealander John Cutler.
Light years separate the third and fourth ranked challengers but the Spanish could cause the odd upset during next year's regattas.
Summary: Their first cup challenge since 1999, the Spanish are well funded and definitely in the running for the fourth spot. But they are not alone in that quest and securing it will be hard.
Mascalzone Latino (Italy)
Challenger ranking - 5th
The second consecutive challenge for the team led by shipping magnate Vincenzo Onorato, the Italians were the first to bow out of the last cup but are pushing for a semifinal spot this time.
They have hit a few bumps in terms of personnel and hardware. High profile Kiwi tactican Hamish Pepper bailed last year and was followed by sailing manager Tom Weaver.
Their first new boat ITA 90 has had structural issues, believed to be in the hull, slowing their sailing programme. Their second boat will be launched early next year.
The team is skippered by tactician Vasco Vascotto with Flavio Favini on the helm. New Zealander Cameron Dunn features in the afterguard but the final mix will not be finalised until April.
Summary: In their own words Mascalzone Latino say they would like to be further advanced. The problems with their new boat would have been hugely disappointing and has essentially turned them into a one boat campaign. If their second boat shapes up they will have a shot of securing fourth spot.
Victory Challenge (Sweden)
Challenger ranking - 6th
This is their second consecutive cup campaign. Magnus Holmberg is the syndicate's skipper/helmsman. The Swedes are building one new boat SWE96, designed by Mani Frers jnr which will be launched early next year.
Summary: They showed plenty of promise in the last cup but have struggled to finance this campaign. If their new boat is competitive they have the sailors to challenge Desafio Espanol and Mascalzone Latino.
+39 (Italy)
Challenger ranking - 7th
New in the cup but they possess plenty of talent. The team features Finn class rivals from the 2000 Olympics - skipper Luca Devoti earned a silver medal behind Iain Percy of Great Britain. The Italians' one and only new boat, ITA85, designed by former Mascalzone designer Giovanni Ceccarelli, was launched last month.
Summary: Like most of the teams funding has been an issue for +39 who are still looking for sponsors. While they boast talented sailors, a lack of money will make it difficult for them to develop hardware to match the big boys.
Areva Challenge (France)
Challenger ranking - 8th
Starting out as K-Challenge, this team were born before the last cup even started when businessmen Ortwin and Stephan Kandler started the project with Dawn Riley. The team secured the winning boats and designs from the 2000 Team New Zealand campaign buying NZL57 and leasing NZL60. The syndicate have settled on an afterguard of Thierry Peponnet, Sebastien Col, Tanguy Cariou and Jean-Francois Cuzon. A one-boat campaign, FRA93 will be christened this month.
Summary: Financing the campaign has been the biggest challenge for the syndicate ... without sufficient funds you cannot expect to go far in this game.
Shosholoza (South Africa)
Challenger ranking - 9th
The South African Challenge was formed in Cape Town by captain Salvatore Sarno, chairman of the Mediterranean Shipping Company. The first South African challenge, the sailing team are predominantly South African. Their afterguard features Mark Sadler, Paolo Cian, Ian Ainslie, Tommaso Chieffi and Marc Lagesse.
The syndicate were the first to launch a 2007 generation boat, RSA83, in May last year. They had planned to launch a second boat but didn't come up the money. A one-boat campaign.
Summary: The South Africans continued to improve in 2006, they remain in ninth place on the challenger ranking table, but have closed the gap.
United Internet Team Germany
Challenger ranking - 10th
The first German challenge, United Internet Team Germany is led by Danish skipper Jesper Bank. He is joined in the afterguard by New Zealander Conan Hunt. A one-boat campaign - GER89 was launched this year.
Summary: Team management and ownership issues plagued the syndicate in 2005 but appear to be sorted. They have the potential to improve their ranking but a top-four finish is probably out of their reach.
China Team
Challenger ranking - 11th
Headed by businessman Chaoyong Wang, the syndicate are the first Chinese team to challenge. Having formed a partnership with Le Defi, a French challenger in the last two cups, the syndicate is building new boat CHN95, which will be ready in February. The team are still looking for sponsors.
Summary: Like Mascalzone Latino last time, China are setting themselves up for future campaigns.