http://news.bbc.co.uk/sport1/hi/moto...ne/8808856.stm
Enginewise, if this is right it's a great deal for everyone. Renault would get their third team (who next year will be a vast improvement, surely), Lotus would get something which appears to be the match of, or superior to, the Cosworth. Yes, one could misty-eyed about the Lotus-Cosworth, but if Lotus-Renault was good enough for Our Nige ...
If they can get a deal together with whoever owns the Team Lotus name (and get Hazel Chapman's blessing), that sounds good - they're effectively restoring the name of the UK's greatest ever sports team*, which can't be a bad thing. If they do bring the name back, I'd rather that they re-registered it under a British competitor licence.
Tony Fernandes and Mike Gascoyne have done a great job just to get the team going, to be leading teams that had a several month head start on development is a great achievement. Some of the midfield runners should be worried for next year ...
* Yes Manchester United/Liverpool, Lotus won seven world championships. You've only won two, MUFC.