I am not sure what u mean by a step down...if you mean "branding" and "mystique" I have to agree with you. But if you talk about technology and drivability...its up there with the rest. I test drove it today and I was surprized at how quick this car is: off the line, straight line, around corners, top-end, etc. I didn't have to fight the car around corners, but then again that was where the fun was in the Testa.
I did consider a used 456 but the pricing was too far off. I checked with my friend who owned both 456 and later the 3200GT and now the 4200, he liked the 3200 best of the three. He regrets the 4200 upgrade. He finds the paddle shifts still too jerky.
Anyway, I liked it....I bot it. Delivery next week. Will let you know if I have regrets in a couple of weeks time. Hope not.