1655: That just about wraps it up, then. Former McLaren boss Ron Dennis famously dismisses tests as a meaningless "winter world championship" but, even applying the usual provisos about testing, there is no doubt that Ferrari had the fastest car in Valencia. There are now three more tests in Spain and 12 days' of on-track running before the F1 season starts in Bahrain on 14 March. Can the others catch up? And how quick will the new Red Bull be when it makes its debut in Jerez next week? You wish it was tomorrow, don't you? I know I do.

BBC Sport's Sarah Holt in Valencia: "I've just finished speaking to Jenson Button, who says he was generally pleased with the reliability of the McLaren on his first day in the car. He spent a lot of time in the garage during the morning sorting out a problem with his seating position. And he says it is too early to judge the relative performance of the cars. You can watch that interview on this website tomorrow, after I've brought it back from Spain."

BBC Sport's Sarah Holt at Valencia on Twitter: "Just looked up to see rows of fans lined in the stands to see Fernando. Wow, what a cheer as he appears!"

BBC Sport's Sarah Holt at Valencia on Twitter: "Scenes of chaos at Ferrari. High security and zealous guards as the media throng awaits Fernando"

1605: That's it - the first F1 pre-season test is over and there is no doubt about which team has grabbed the headlines. Fernando Alonso makes it three fastest times out of three days for Ferrari with the fastest time of all - one minute 11.470 seconds. Then it's De la Rosa's Sauber (1:12.094), Schumacher's Mercedes (1:12.438), Alguersuari's Toro Rosso (1:12.576), Button's McLaren (1:12.951), Petrov's Renault (1:13.097), and Hulkenberg's Williams (1:13.669).

BBC Sport's Sarah Holt at Valencia on Twitter: "Choked on an M&M on way to interview Alonso. I think it's a sign that I've had too many"

BBC Sport's Sarah Holt in Valencia: "Michael Schumacher has finished for the day. He said he didn't expect to be winning races straight away but was happy with the test and it was easier coming back to F1 than he thought it would have been. He admitted the Ferraris do look quick."

Autosport's Jonathan Noble on Twitter: "Valencia official spectator figures are in - 36, 400 fans today. A total of 59,100 over the three days. Wow!"

1435: There will be a new British driver in Formula 1 in 2010, after Scot Paul di Resta was appointed to the test and reserve role by Force India. BBC Sport's pit-lane reporter Lee McKenzie has caught up with him to ask him about his opportunity, and you can watch the video here.

BBC Sport's Sarah Holt on Twitter: "I thought I'd been caught red-handed taking M&Ms from Toro Rosso as a loud shout rung out just as me & my pal left... BUT, it turned out it was a Spanish fan shouting at Fernando Alonso. Phew!"

1325: Button has begun picking up the pace in the new McLaren, lowering his lap time by nearly a second to one minute 12.951. Still a second and a half off Alonso's Ferrari, mind. It bears repeating that the headline lap times are not necessarily an indication of true competitiveness because of the effect of fuel, tyres and track condition. But everyone - including Mercedes team boss Ross Brawn (see below) - seems agreed that the Ferrari is the quickest car in Valencia.

Alonso has attracted 30,000 fans to Valencia to watch testing

1315: Here's some photographic evidence of the quite astonishing crowd who have turned up at Valencia on Wednesday. There was a time when you were lucky if 30,000 people turned up at the Spanish Grand Prix. Not any more. That's how many are at the Circuit Ricardo Tormo to watch national hero Fernando Alonso. On a test day. In February. In mid-week.

1255: Pace-setter Alonso lops another 0.1secs off his best time for Ferrari, leaving it at one minute 11.470 seconds - 0.6secs quicker than anyone else.

BBC Sport's Sarah Holt in Valencia: "Lunchtime in Valencia brought an all-too-short spell of silence to the Ricardo Tormo circuit and me a chat with Ross Brawn.

"The Mercedes boss says it is still very early days but he has some revealing thoughts on his team's comparative performance:

"'It's always very difficult to judge. On full tanks yesterday (Tuesday) we didn't look too bad but we're a little bit off on pace and (there are problems with) the handling and balance of the car which we can fix for (the next test in) Jerez. We know what the problem is.

"'Of course the other teams will be progressing as well so we are reasonable, not as quick as Ferrari and Lewis looked quick yesterday. So it looks like we've got a bit of work to do.'"

InsideFerrari on Twitter: "Four kilometers of queue to get into the circuit… It is Alonso mania at Valencia with more than 30,000 people attending the testing session"

From green_jimmy on 606: "Why is everyone getting excited about the pace of the Ferrari, we don't have a clue what fuel loads they are running with and therefore it is pointless saying Ferrari have a better car than McLaren!!!"

Williams F1's Claire Williams on Twitter: "Mr Hulkenberg Sr has come to watch his son's first day, it must be a proud moment for him"

1155: At last, the first shot of the new Virgin car drops - it's red and black, with a pointy nose - more technical stuff in the story .

1130: That man Alonso has gone faster again - and has now posted the best time of the three days so far, a one minute 11.599 seconds. Then it's Pedro de la Rosa's Sauber on 1:12.094, Michael Schumacher's Mercedes (1:12.438), Jaime Alguersuari in the Toro Rosso (1:12.576), McLaren's Jenson Button (1:13.783), the Williams of Nico Hulkenberg (1:14.338), and finally Vitaly Petrov's Renault (1:14.07).

1115: We now have a story up on the new Virgin car. There are no pictures available yet, but it will be updated through the day as information and photos become available.

1100: BBC Sport's Sarah Holt has been busy tracking down the drivers in Valencia. Interviews with Lewis Hamilton, Felipe Massa and Rubens Barrichello are linked off the side of this story, and Sarah has also caught up with Renault's Robert Kubica. He admits his team are "not able to fight at the top yet", but says he is quite pleased with the car and optimistic about how much progress they can make.

BBC Sport's Sarah Holt in Valencia: "I have some more details from Sauber HQ on Pedro de la Rosa's stop at the side of the track.

"The Spaniard was trying to pass Nico Hulkenberg's Williams on the inside but he reckons the F1 rookie didn't see him and so they touched.

"The Sauber mechanics quickly got to work fixing the damage, repairing the floor, front wing and the engine cover. That's the first dust-up we've seen in Valencia.

"Meanwhile, Jenson Button is out setting some times after a prolonged period buried inside the McLaren garage. The world champion has set a time of 1:13.783, which is fifth fastest. Fernando Alonso is following team-mate Felipe Massa's example by topping the timesheets with 1:11.837."

1045: The new Virgin team are launching their new car in London on Wednesday - we'll bring you news and pictures as soon as we have them.

1030: Of the teams that raced in 2009, only Force India and Red Bull are not running new cars in Valencia. Force India have announced this morning that they will be unveiling their car on their website on 9 February, before running it at the first Jerez the following day. The new Red Bull will also appear at Jerez. Team boss Christian Horner says they are confident their "aggressive approach" is the right one.

BBC Sport's Sarah Holt in Valencia: "We're only an hour or so into testing but it's been quite a long morning.

"First of all I had an hour and a half's journey in to the track because of heavy traffic. Ferrari reckon 50,000 fans are going to turn up to watch Alonso today, so we suspect this could have been part of the reason behind queues.

"We rushed straight to the pits for Jenson Button's photo call with the new McLaren. He sat on the front wheel but, in good humour, refused to point at the number one when asked to do so by the photographers.

"So far, Button has not set a time, and it's no surprise to see Alonso at the top straight away with a 1:11.905 - less than 0.2secs behind Massa's fastest lap of his two days' running on Monday and Tuesday.

"Pedro de la Rosa is continuing Sauber's good showing in second place with a 1:12.293, which he set before stopping on the track. Schumacher is third on 1:12.546."

1000: Morning. What a day this could be - Alonso, Button and Schumacher all out in their new cars. Lips smacking? Pulse racing? Mine are