Two teams remain to fight it out for the LV Cup, but only one will emerge from the pressure vessel as the winner.

Like the challenger semi-finals, the final is a knock-down, slug-it-out contest to see whether it's the Kiwis or the Italians who are first to five victories and, then, who will be the challenger from a starting field of 11 who will face Alinghi in the best-of-nine match series for the 32nd America's Cup from June 23.

On paper there is not much to split the pair. Since the beginning of the Louis Vuitton Cup, Luna Rossa Challenge has won 21 out of 26 races, in comparison to 22 out of 27 won by Emirates Team New Zealand – essentially they have the same records.

ITA 94 and NZL 92 have only come face to face on two occasions: once in each of the Louis Vuitton Cup Round Robins, with one victory for each team. Luna Rossa won the first contest on 26th April and Emirates Team New Zealand took their revenge in Round Robin 2, on 7th May.

After the debacle with BMW Oracle Racing, nobody is prepared to make predictions about the outcome of the Louis Vuitton Cup. Up to nine races will be sailed and many commentators suggest a great and tight series.

"I think we are going to witness a great Louis Vuitton Final", said the American skipper Paul Cayard. "I expect the series between Luna Rossa and Emirates Team New Zealand will go 8 or 9 races. I expect the two boats to perform fairly evenly. It will be a battle of nerves and pressure".

Speaking in the Portuguese capital of Lisbon, kiwi yachting legend Russell Coutts had a very similar analysis to his friend but had back Team NZ over Luna Rossa, believing the kiwis have the better boat.

"I expect this to be a very hard-fought series with some pretty decent, tough racing", he said. "From the sporting point of view, it should be great. It's going to be close. There won't be big differences".

"I have to say that I like the look of the Kiwi boat and I see areas where it will have advantages," he added. "I think it could be a little quicker downwind, especially if the breeze is lighter."

Nevertheless, since the semi-finals, Luna Rossa has taken delivery of a new rig and despite the desperately short bedding-in time may use it.

"We have to keep developing the speed. The bar keeps getting higher," said Luna Rossa's skipper Francesco de Angelis. "I think at this stage, improvements will be small but we hope it make a little improvement. If it does, fine; if it doesn't we go racing anyway."

The Kiwis, whose funding has been tighter, are not thought to have any new components. Their game is about fettling the rigs, sails, wings, fins and bulbs that they have and understand.

"We've got some weaknesses that we need to plug up," said Team NZ skipper Dean Barker of NZL 92's performance profile. "But obviously I'd be nervous if we got to this stage in the competition and felt there was nothing left to improve."

Historically, the fastest boat has won the America's Cup. But with the new rule changes narrowing the design parameters, events on the water have proved that the margins on the drawing board have narrowed.

"There were six boats, incredibly close in speed and it only takes one mistake to lose a race", James Spithill told to Valencia Sainling. "I treat the kiwis with just as much respect as I did with BMW Oracle and I'm sure they are going to be tough".

In fact, most of the commentators suggest that the sailors will be the difference putting a premium on crew work. The superb exhibition of seamanship by Luna Rossa over the past 10 days confirmed the shift in thinking.

"It’s down to good old-fashioned sailing," said Eddie Warden Owen, the British coach of the Desafio team. "Lost races aren’t attributable to poor boat speed or lack of sailing ability. It’s not a technological race any more. It’s down to who dominates at the start and who reads the wind the best."

On the evidence of the semi-finals, both of those elements will favour Luna Rossa. James Spithill, the young Australian at the helm of the former Prada team, so comprehensively outmanoeuvred and outpsyched Chris Dickson, his opposite number on BMW Oracle, that the New Zealander, one of the most experienced match-racers in the world, was removed from the boat for the final race.

"Spithill never gave him room to breathe throughout the semi-final and the way he drew him into two penalties in that crucial race, that was a fantastic job", added Eddie Warden Owen "If Spithill can do the same to Dean Barker in the final, it could be the deciding factor."

Spithill’s reputation, already formidable coming into the regatta, has soared. Not only did he and Torben Grael, the navigator, combine almost faultlessly on the water, they seemed to instill confidence in the crew.

"There's James Spithill, a young bloke rolling with confidence, backed up with a phenomenal Olympic gold medallist in the form of (tactician) Torben Grael", said John Bertrand, who skippered Australia II to victory in 1983. "That particular combination is running hot and from my perspective the Luna Rossa programme is a very difficult programme to race against. They don't play by the rules." “

" [James Spithill] may make the difference", Paul Cayard said. “He dominated Chris Dickson in the semi finals. I don't expect Dean Barker to be as easy to dominate but none the less, "Jesse" James Spithill is the best starting helmsman left in the Cup, and that includes the Alinghi helmsmen".

In balance, Russell Coutts provided another point of view, believing the afterguards were equal but Team NZ skipper Dean Barker was capable of turning on a big performance.

"I would say that on balance that Team NZ have got to be favourites", Russell Coutts told to Rule 69 blog. "It will come down to the people because if one team has an off-day then they will lose for sure".

Team New Zealand has been keeping a close eye on their Italian opponents and studying plenty of data ahead of the start of the America's Cup challenger final last weeekend.

Both teams have been busy sailing this week and Team New Zealand's tactician Terry Hutchinson says they've been researching how their opponent Luna Rossa has sailed including the starting style of helmsman James Spithill.

"Our strategy was to prepare the team as best we can for Luna Rossa," said tactician Terry Hutchinson. "In the semis, Luna Rossa was potentially underestimated and we're not going to make that mistake."

But Hutchinson says there's nobody better than his captain Dean Barker on the instinctive manoeuvre and the race isn't over at the start.

"Our emphasis has been on things to ensure we get the first cross and early control," said Hutchinson. "And if not, to make sure we can capitalise on any opportunities".

Kevin Shoebridge, the director of sailing and operations of the Emirates-backed team, spelling out his team's ambitions.

"Our goal is first to win the Vuitton and become the challenger of Alinghi", he said. "Then, of course, we absolutely want to bring back the Cup to Auckland, but it won't be easy."

Luna Rossa Challenge won the coin toss, and will start Friday’s race as the ‘yellow’ boat with starboard tack entry to the start box. The teams will alternate starboard entry each successive race.

The weather forecast is calling for sea breeze condition over the next few days, with winds from nine to 14 knots. Racing is scheduled to start at 15:00, with the first warning signal at 14:50.