The 2010 Taurus SHO (which stands for Super High Output) is an excellent piece of automotive work. But it is by no means cheap.

Conventional wisdom congratulates Ford for forgoing last year’s feast of federal bailouts, as if Ford’s absence from that table of taxpayers’ money signaled extraordinary competence and virtue in a time of corporate recklessness and greed.

The truth is less heroic, which is that Ford was well on its way to ruin long before General Motors and Chrysler traveled that road.

But unlike its Detroit brethren, Ford was urgent and straightforward in admitting that it had lost its way and that it needed a fast turnaround in pursuit of a prosperous “Way Forward,” which was the corporate name of its self-initiated recovery program.

It was a teachable moment missed by GM and Chrysler. Put simply: When you’re lost, don’t stay lost for long. Admit that you don’t know where you’re going, or what you’re doing. Seek help, which is what Ford did in 2006 in choosing former Boeing executive Alan Mulally as its president and chief executive.

Mulally did not waste time or sentiment. He did away with Ford’s costly, underperforming darlings — Aston Martin, Jaguar, Land Rover. He scrapped assembly and supplier plants that were manufacturing more debt than quality products. He streamlined corporate management, and he overturned one of Ford management’s worst decisions — the 2006 scrapping of the Taurus car brand.

Mulally brought back the Taurus name in the 2008 model year, arguing that the only thing wrong with the car was what had gone wrong with the company. Ford had forgotten that it was in the car business. Cars, as a result, went by the boards in favor of what Ford management construed as more lucrative trucks. The Taurus, originally introduced in 1986 to consumer and critical acclaim, did not fail. Instead, Mulally argued, Ford management had failed the Taurus.

He said the company and the Taurus brand needed the same thing — better cars, much better cars. And he delivered.

The proof is in a variety of new Ford automobiles: the Fusion Hybrid, the reworked Ford Focus, the Lincoln MKZ, the new Fiesta, and this column’s subject car, the 2010 Taurus SHO (Super High Output).

When introduced in 1989, the Taurus SHO, equipped with a 3-liter, 220-horsepower Yamaha V-6 engine, quickly became a favorite among married men with children. It was a car suitable for a holiday trip to Grandma’s house and a weekend on local racing circuits. That it was priced a tad below $20,000 was a bonus, affording high-performance driving on a shoestring budget.

The 2010 Taurus SHO follows much the same formula as the original — with 365 horsepower and 350 foot-pounds of torque in a twin-turbocharged V-6 engine — in a car that otherwise has all of the character and accommodations of a big family sedan.

But though it is measurably more affordable than its foreign high-performance rivals, the new Taurus SHO is by no means cheap. Pricing now starts at $37,770 on a car that requires premium unleaded fuel for “best performance.”

The new Taurus SHO also differs from the old in that the new is full-size and leans more toward luxury, as opposed to the mid-size measurement and middling appointments of the old.

The changes can be disconcerting to people who grew up with up with the old Taurus. My assistant was taken aback by the size of the new Taurus and the complexity of its instrument panel, saying, “Too big with too many buttons.”

But if you can get past those things, as I did the moment I keyed the ignition, you’ll find lots to love. Fit, finish and overall comfort easily are among the best in business. Overall performance in acceleration and handling rivals that of more expensive cars — and that includes Audi, BMW and Lexus.

Delivering 17 miles per gallon in the city and 25 mpg on the highway won’t impress motorists who measure automotive value by how far they can drive on a gallon of fuel. But for those of us who remain easily seduced by horsepower and torque, it’s a pretty neat trick, accomplished in this case by Ford’s 3.5-liter “EcoBoost” V-6, which uses a combination of direct fuel injection and larger volumes of forced air to create maximum power without a commensurate increase in fuel consumption.

The bottom line

Ford is finding its way back to the hearts of car lovers. The Taurus SHO, an all-around excellent piece of automotive work, competitive on all levels with everything in its class, and actually better in many cases, is proof. But is it too much to ask that desirable increases in car quality be given to us without sizable increases in cost?

Complaint: This one comes from the Bureau of Wanting Everything. Increased acceleration and superior handling are nice. But can we get them with increased fuel economy and decreased purchase cost?

Ride, acceleration and handling: Ride and acceleration are excellent. Handling is among best in class. Driving this one is pure joy.

Head-turning quotient: The 2010 Taurus SHO and its siblings retain much of the boxy rear end of the predecessor Ford 500 sedan. But the severe linearity of the old has been relieved and rendered attractive by the clever, sleek front-end sculpting of the new. Also, thumbs up to the designers who developed the grille for the new Taurus line. It’s pleasantly distinctive.

Capacities: There are seats for five people. Trunk capacity is generous at 20.1 cubic feet. The Taurus SHO can be equipped to tow a trailer weighing 1,000 pounds. The fuel tank holds 19 gallons of premium gasoline.

Safety: Standard equipment includes front/rear solid disc brakes with antilock protection, electronic stability and traction control, electronic brake force distribution, side and head air bags.

2010 Taurus SHO

Base price: $37,770

As tested: $45,080

Type: Full-size, front-engine, all-wheel-drive, high-performance family sedan (other Taurus models are front-wheel-drive)

Engine: 3.5-liter, 24-valve, twin-turbocharged V-6, mated to a six-speed transmission

Mileage: 17 mpg city, 25 mpg highway