But is bringing the race closer to the people a good idea, despite P1's so far unblemished safety record? Racing off Cowes two years ago, the pilot of a closed-cockpit Pro Vee-class boat was overcome by carbon monoxide from a leaking manifold.

Unconscious, he sliced through a yacht. The owners, who were in the galley at the time, were unhurt, but their lunch was a disaster.

Back in 1991, fog caused Steve Curtis (now a six-time world champion) to bring his Class 1 catamaran a little too far inshore when he ran aground on Paignton beach at 70mph.

And at Cowes this year, a helicopter unconnected with the event lost power and plopped into the Solent near a P1 course marker buoy. As it disappeared beneath the briny, the two occupants were picked up by a safety boat and whisked ashore where, dripping wet, they dived into the nearest pub.

Veteran powerboat pundit Ray Bulman has his doubts about the wisdom of racing 100mph powerboats on a busy Solent, likening it to "holding the British Grand Prix down Regent Street at lunchtime on a Friday". But then Bulman, who shared a commentary box with Murray Walker in powerboat racing's heyday, is a purist...

"I don't think the sport deserves the word 'offshore' anymore," he says. "All they do is go around in circles."

If Class 1 is the F1 of the waves, P1 is closer to WRC. The quickest monohull boats can't match the catamarans' 150mph speed, but they're faster on the rough stuff and still bear a passing resemblance to pleasure boats.

There are two classes in P1: SuperSport and Evolution. SuperSport boats are tweaked production models ("The modifications for racing are you take out the kitchen and the bed," says Nathan Knight).

Evolution boats are another breed entirely. Technologically sophisticated and prodigiously powerful, they have up to 2,500bhp on tap and boast a top speed of around 110mph.

This season's favourite, run by Team Sony, was developed as a military-spec vessel, capable of outpacing the fastest drug-running boats in the world.

Hence the presence at P1 Grands Prix of shady international security service types, from South American drug control agents to Cuban spooks, Hong Kong police and ever-present Italian coastguards.

The Sony boat barely slows for corners; instead its high-tech hull appears to hover effortlessly over the waves. Two rivals are nonetheless giving the Sony a fair run for its money this season.

The red OSG Donzi, widely deemed the sexiest boat in P1, is owned and piloted by Italian businessman and charmer Giancarlo Cangiano (imagine a well-fed Mediterranean George Clooney and you're probably somewhere close to how Giancarlo likes to portray himself).

The other contender is the Wettpunkt.com boat (it means 'Betting Point') owned by billionaire bookie Hannes Bohinc, one of Austria's wealthiest men. Just as well, since his boat cost 1.5 million euros to build and another two million to run each season.