The GSV-R will be ridden by Chris Vermeulen and new arrival from Ducati Loris Capirossi, and features a number of revisions from last year's model.
Chief among them is an evolution of the V4 engine that was debuted last year, a revised front suspension package that should significantly reduce tyre wear and a new Ducati-inspired fairing which aims to reduce drag at high speeds.
Australian Vermeulen, 25, who is starting his third year with the team, is optimistic of adding to his lone Grand Prix win at last year's French Grand Prix.
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"We got some early 08 parts in Valencia straight after the last race of last season, so we started really early with the new bike," said Vermeulen.
"It's a new chassis, a new engine, new aerodynamics, and they're all better than last year. It's all given me a lot more confidence, both in myself and in the team, and that should hopefully push us forward to more wins.
"Loris coming along is a big deal too. It's great working with him just across the garage. He's so open with his data, has a lot of experience and has made a big difference to the rate of development here."
New signing Capirossi can take a lot of credit for turning Ducati from newcomers in 2003 into world champions last year, in the hands of his team-mate Casey Stoner.
As it was though, Ducati's refusal to tell him that Marco Melandri was being signed for this year before the deal was officially announced, caused him to reject their offer of a third bike for this season and switch camps.
"I'm really excited about the new experience," said Capirossi, 34. "Already the team have done a great job this winter because we were much faster at the recent Sepang test than we were at the one a few weeks ago, and the weather was the same at both."
"The championship is only a month away, but we are in good shape. I think it's the dream for me and Chris to win the championship. There are a lot of strong riders around us trying to do the same, but that is, of course, what we aim for."
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