We’ve seen the spy shots. We’ve even seen the options list. Now Ferrari has official taken the wraps off its new performance benchmark, the 599 GTO.

Sort of a street-legal stepping point between the production 599 GTB Fiorano and the track-only 599XX, the 599 GTO evokes the famous Gran Turismo Omologato designation made famous by the legendary 250 GTO of the 1960s and the muscle-bound 288 GTO of the 1980s. That’s quite a legacy to follow, so it’s a good thing the 599 GTO brings the goods.

Output from the 6-liter V12 - itself derived from the Enzo’s engine - is up from 612 horsepower to 661, with torque up a modest 9 lb-ft to 457. Coupled with a 195 kilogram 430 lb) weight reduction program - now tipping the scales at 1495 kg (3295 lbs), the leaner and meaner 599 can sprint to 62 miles per hour from a standstill in a scant (and very specific) 3.35 seconds, with a top speed in excess of 208 mph, while lapping the Fiorano test track from which its donor’s name is derived in a blitzing 1 minute, 24 seconds. That’s faster than the Enzo, people.

The GTO is also treated to more aerodynamic bodywork, including a new front splitter, side sills, diffuser and rear spoiler. The vented hood is new as well, as are the ten-spoke, 20-inch rims with F1-derived wheel donuts aiding aero efficiency.

Ferrari is reportedly currently working on the three V12 cars that will replace its comparable current offerings: the 612 Scaglietti, 599 GTB, and Enzo. The 612’s follow-on will be the first one to arrive, likely in early 2012, and another mule has been spotted out and about. It still sports the hood scoop (bigger engine with more power, anyone?) and California-style stacked tailpipes, and it looks like it might have a longer wheelbase to boot.

Rumor has it that the new direct-injected V12 will be 40 percent less polluting and get 40 percent better gas mileage than the 5.7-liter V12 presently in use, even as it’s expected to get a slight 7-horsepower bump to 540. The fuel economy increase would provide a very respectable 16 MPG - not bad for a car that ought to hustle to 60 MPH in about 4.5 seconds. Check out a host of new spy photos in our gallery below. In case you’re curious, the sticker on the steering wheel boss which reads “Betrieb nur mit geschlossener Motorhaube” is an instruction telling drivers that the engine should only be started with the hood closed.