The 2010 Formula One World Championship kicks off this weekend with the Bahrain Grand Prix amid the usual mix of rule changes, legal arguments and financial crises.

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The new US F1 team – originally bankrolled by YouTube founder Chad Hurley – has pulled out of the competition citing lack of investment and an inability to get the car race-ready, providing a timely reminder of the costs of participating in the sport.

McLaren are subject to the whims of the stewards in Bahrain who will decide on the legality of the design of their rear wing while the removal of in-race refuelling has placed yet more emphasis on the clockwork machinations of the pit-stop.

But for all the exasperations of a desperately technical and cash-draining sport, there are several reasons to get excited about the new season.

Two of the competing teams have a decidedly patriotic feel to them with British-owned McLaren and German-led Mercedes both only fielding drivers from their own countries.

The arrival at Marinello of two-time world champion Fernando Alonso will excite the tifosi as Ferrari embark on their latest attempt to regain the world title.

The return of the incomparable Michael Schumacher to the grid adds another dimension to the sport as the young guns test themselves against the most successful driver in history.

His reintroduction also takes the number of those competing who have claimed the world championship to four which should further bolster the standard of competition though by year’s end Sebastian Vettel will have hoped to increase that number by one.

With Ayrton Senna’s nephew, Bruno, entering the fray with the Hispania team the mystique of the Brazilian legend lives on though he will be hoping to have a more positive impact than his compatriot and fellow legacy, Nelson Piquet Jr.

All in all, the 2010 has all the ingredients for yet another thrilling season and it gets underway on Sunday.