With the first of four preseason tests scheduled at the Spain’s Valencia circuit this week, Scuderia Ferrari became the first team to unveil its 2011 Formula One World Championship challenger. Over two million fans signed on to the team’s website to watch its debut before the new monoposto took to Fiorano for a promotional run.

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That the car bears the name F150 is no dig against the best-selling pickup truck from Ford (though the histories of the two companies are riddled with enough cutthroat competition). It’s a celebration of a century and a half of Italian unification. The back of the rear spoiler carries the Italian flag, and the Scuderia also devised a new logo that features prominently on the engine cover where the banned Marlboro logo once stood.

Livery tweaks aside, the Ferrari F150 reflects a number of changes to the formula for 2011. A new hydraulically-actuated rear wing is in place, the air intakes are smaller, and KERS is back. Ferrari opted to place its kinetic energy recovery system – co-developed with MTS and Magneti Marelli – inside the redesigned fuel cell, and with the engine freeze still in place, its installation represents the only substantial change to the drivetrain.

The only other major update is the switch from Bridgestone to Pirelli tires, which the entire grid makes this year. Tire calibration will be crucial for all teams during the Valencia test and the three more scheduled to follow before the march 13 season kickoff in Bahrain. When it does, Ferrari hopes the new F150 will help them put last year’s blunders behind them in what’s shaping up to be an even more exciting campaign than last year’s championship, which went down as the most competitive season in F1 history.

Both the Lotus-Renault teams as well as Sauber are scheduled to unveil their cars on Monday, January 31, followed by Mercedes GP, Red Bull, Toro Rosso and Williams on Tuesday, February 1. McLaren shows its 2011 car on February 4, and Virgin on the 7th. Force India and HRT have yet to confirm when their cars will be revealed.