Looking like a hybrid of the two previous FT-86 and FT-86 II concepts, the FR-S does away with the second version's LED light strips and gets a new front bumper in the bargain.
The deep gills in the front quarter panels of the FT-86 II have also been discarded, while the character lines and wheel arch flaring along the side of the body are significant sharper and much more exaggerated.
There is also a new corner-mounted side mirror arrangement, rather than the sheetmetal-mounted mirrors of the previous concepts.
Perhaps the biggest change is at the rear, where the Scion concept gets a longer rear deck that juts out over the rear bumper and extravagant track-inspired diffuser.
The FR-S sits hunkered down over over giant concept alloy wheels, and the whole package combines to form a concept we might expect to see in a digital artist's portfolio rather than on the road - although most would be happy with the latter.
Speaking at New York, Jack Hollis, Vice President of Toyota's youth-oriented Scion brand, said the FR-S name stands for 'Front-engine, Rear-wheel-drive, Sport' - but he suggested an alternative moniker in his speech.
"I personally believe it should stand for Friggin’ Really Sweet, but the legal department at Toyota was not feeling the same way," Hollis said.
The story remains unchanged on the mechanical and production front. Toyota promises a 2012 debut for its version of the sports car it has developed in partnership with Subaru.
Power will be provided by a version of Subaru's 2.0 litre boxer engine, incorporating Toyota's D4-S direct-injection system.