Since the boat has emerged from the shed, Team NZ have put in some long days on the water, with sailing coach Rod Davis "thrashing" the crew, and the intense training sessions appear to be paying off. Onlookers in San Francisco have reported the Kiwi team is looking extremely fast. It is rumoured NZL05 clocked speeds of 47 knots in training - well above their top speed of 44.15 knots during the round robin series.
Team NZ skipper Dean Barker was cagey about what speed gains had been made since the modifications, but said in all-round performance his team had "made some really good gains" over where they were two weeks ago".
"Really, until you race against another boat it's all theoretical. You need to be able to check in with another team and until we line up with Luna Rossa we're not going to know, but from what we've seen it is very encouraging," said Barker.
While Barker's crew easily accounted for Luna Rossa during the round robin - the margins between the two boats were so large in two of the early races that the Italian team officially recorded DNFs - the Kiwi skipper insisted Max Sirena's team would be tough to beat in the finals.
"Everyone expects us to go out and win it, but there are no certainties in this type of racing. You actually have to go out there and perform well in each and every race and we want to go out there and keep lifting our level," said Barker.
"Luna Rossa will be a much tougher team when we face them in this series. I think they've improved their consistency in a lot of manoeuvres and they would have made some good gains just learning from the mistakes they made."
The Louis Vuitton finals start on Sunday with two races scheduled for the opening day.
Why Oracle is being investigated
* While the illegal modifications were made on the smaller AC45 catamarans during the America's Cup World Series regattas, the deliberate breaches could have serious implications for Oracle's America's Cup campaign.
* The international jury is investigating Oracle under rule 69 of the racing rules of sailing, and article 60 of the protocol which governs the America's Cup. Both rules relate to upholding the integrity of the sport.
* The protocol states competitors shall not engage in any conduct or activity that "may impair public confidence in the honest and orderly conduct of the America's Cup".
* Deliberate breaches of class rules are regarded seriously as they are difficult to detect and the sport relies on the integrity of sailors to not take advantage of a situation.
* Penalties for intentionally altering a measurement condition of a boat can therefore be severe, and may include substantial bans from the sport.