Into the 4:06 range (despite the bump on Milky Way). There is further shavings to be had though.... Not ruling 4:05"xxx out of the realms of possibility....
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https://www.youtube.com/watch?v=AW_iYq1ezi8
Goal E (Route 16) after doing the skybox trick. Run is nothing remarkable, this is more just for the beautiful journey in literally, a new light. The low hanging sun makes a cool looking shadow over your car and looks great on all courses. Like Goal C & D posted already, Alpine looks lovely as does desert. The effect is almost non existent in the Ghost forest but Capeway looks cooler (as in, cool coloured).
This was played on an Xbox 360 E via HDMI at 1080p for the best possible image I can capture. Game scales up beautifully though the emulation is known to be a little poor at times (You can hear audio distortion from an earlier run in this video for example). Shame there is no perfect way to play Outrun 2 in these HDTV times (2SP/2006 is well covered in this regard).
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https://www.youtube.com/watch?v=gB2LSEdvsQA
Another little bit off but still lots of room to improve. I'll be happy with something in the 2:45 region.....
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https://www.youtube.com/watch?v=SMe5i_Txcug
And there she is. The original, arcade Testarossa being used on Xbox for demonstration purposes at E3 2004. Look at him (Asam Ahmad) - teasing us with the original design only to take it out before release. The menu buttons are looking quite different too.
Now, the only way we can play with this Ferrari is if it's still somewhere in the game code or else you have an original Outrun 2 cabinet lying around (or emulation develops). I'd love to know why the design was changed. Was it at the request of Sega? The request of Ferrari?
Was it originally designed like this particular 'spider' Testarossa here:
https://carbuzz.com/news/this-is-the-only-ferrari-testarossa-spider-in-the-world
Your guess is as good as mine.
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https://www.youtube.com/watch?v=Ei47b74WIK8