After what seems like years (years? Yea, it actually has been) of rumors, concepts, spy shots and speculations, the newest entry into the compact car performance market is finally here. Last night, Scion hosted a gala event in Hollywood to release the highly anticipated FR-S to the North American market.

Powered by a 2.0-liter horizontally opposed 4 cylinder producing 200 horsepower, transferred to the rear wheels through a 6-speed manual or automatic transmission with a limited slip differential. The FR-S is rumored to weigh in under 2800 lbs, which is really not a bad starting point for a modern car with safety and comfort kept in mind throughout the design process. This rear wheel drive coupe promises to fill the void automotive enthusiasts have suffered in the lightweight rear drive department since the Honda S2000 was retired in 2009. 

The principle behind the FR-S is one of balance, not one of outright power. The car is claimed to retain the spirit of the classic Toyota AE86 Corolla, making it light weight, fun to drive, and (hopefully) easy to modify and race. Until the car is made available for us to test drive, we can only speculate on the actual performance of the car. So instead of guessing, we will wait patiently for the call telling us we can drive one for ourselves. Pricing has yet to be announced, and the FR-S officially goes on sale in Spring of 2012.