Adding to my post above - I don't agree that this is the best option - I'd rather see a nice looking engine without a plastic cover on top - but what I wrote above is how I imagine Lexus looking at it. "Making this crappy plastic cover is cheap and easy, and that way we don't have to engineer the engine to look half-decent!"
The only carmaker we've seen with a nice engine bay are the Audis. Nobody else really does it, and with emissions equipment and such poking all over the place, do you blame them? The plastic cover itself is there for heat and NVH control (at least for the newer direct injected lumps- take a cover off any N20 BMW and marvel at the giant brick of foam under the cover).
I prefer function over aesthetics. It's an engine. I don't care if it looks pretty, it should be designed to be easily serviceable.
It's something you don't have to worry about when you have a new car, but on an old one it becomes an issue if you have to take off a million things to change a simple part.
I actually don't mind engine covers as I like my engine bay to look tidy. My new GS 350 F-Sport's plastic cover is pretty plain looking though especially compared to its competition. Oh well, at least the car competes well in the areas that really count (like handling and acceleration). I really feel like Lexus hit, if not a HR with the new GS, at least a solid triple.
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It's something you don't have to worry about when you have a new car, but on an old one it becomes an issue if you have to take off a million things to change a simple part.