Hyundai is saying there is no room in the coupe to fit the V8 engine into, and they are saying that's the reason they cancelled the V8 for the Genesis coupe.
As for the competion, I have doubts that this thing will sell. It's highly derivative as are with all the Hyundai's, and I doubt anyone would cross-shop a Hyundai, or any Korean make, against the better known Japanese brands, or American. Especially, the American muscle car buyers. They will just laugh at it, and buy the good 'ol American like they have for so long. They won't waste their money, on something new that hasn't been proven and that was from the company which was once known as, highly breakable, un-reliable, cheap alternative of an appliance car that don't last.
Even the Japanese performance car buyers won't really care much about this new Hyundai. I think the most possible buyers for the coupe will be, young Korean Americans, who has a pride in themselves buying something that is from his/her native land and does not care about the image the company has.
I don't think it will appeal to AMERICAN buyers. Hyundai and Kia DID come a long way, but I feel they are not yet there. Especially the fact that Hyundai or Kia DON'T have any fans of any of their products unlike the Japanese brands do, for they don't have any exciting models to drool over.
Rumor has it that, Hyundai has sent a coupe to the set of the future Fast and Furious movie, but I don't think it will fare well, against so many high performance coupes they will have, and the fact, that Hyundai has already been chewed down on one of the previous movie, they will be lucky if they don't get cut from the final movie plot.
In terms of performance, I think the base couple will probably be a decent performer, but just not enough to dethrown Detroit's finest, nor the Japanese. If they bring out the car right now, that may change, but since they are still working on it for the 2010 model year, that does not mean the other companies are sleeping.
http://www.youtube.com/watch?v=J96rGXBxy2o
http://www.youtube.com/watch?v=5nLOEvDhe-o