One thing I learned from the Twilight Zone television show is that dreams can come true, but there’s always a catch. As a life-long muscle car enthusiast, I’ve often dreamed of the classic 1960s cars being reborn with modern amenities and performance.

My youthful desires were further kindled by my second car, a Pontiac Firebird. Since then, I’ve driven numerous, memorable muscle machines, each thrilling and disappointing in their own ways. A few years ago, I bought an older Chevrolet Corvette treated to a ground-up restoration and modernization, with a late-model powertrain. Stock appearance with somewhat modern dynamics. Very cool indeed, but not the true fantasy realized.

The current Ford Mustang GT and Shelby GT500 hit my hot button. And the new Chevrolet Camaro has my enthusiasm firing on all cylinders, recalling great memories of flogging a big-block Yenko Camaro. And now, along comes the 2009 Dodge Challenger SRT8 here in Chicago. Wow.

Aside from gaining a little girth with age, as many of us tend to do, it too has that perfect recipe of being the car we all wish the originals were. (Ever go back and drive a ‘60s muscle car? Not quite what you may remember…)

Hard to believe it has been 35 years since the classic Challenger had been retired. The new one casts a familiar shadow, and it is instantly recognizable. Throw in a 6.1-liter V8 producing a magical 425 horsepower, as every Hemi should, and a track-inspired chassis… My right-foot has muscle-memory twitches just anticipating tire-liquefying power and lung-clogging smoke.

Sure, the official presentation and subsequent press materials are filled with references to Keyless Go and MyGig entertainment. Whatever. The real entertainment comes from under the twin hood scoops. The factoids that stuck with me from the unveiling were 0-60 mph in 4.9 seconds, 13.3 seconds for the quarter mile, and estimated EPA fuel economy 13 city, 18 highway.

Rod Serling, cue music.

I paid $3.35 a gallon to fill up this week. That’s for regular ol’ 87 octane, mind you. The Challenger drinks premium – and has a 19-gallon fuel tank. Another Dodge product is rated at 13/18, the Durango 4x4 with the 5.7-liter Hemi V8. Understanding this is not a direct comparison, it is worth noting that in Consumer Reports testing, we got just 12 miles per gallon. Sure, a person who buys a $40,000 muscle car may not stress over a few dollars for the driving excitement, but hear me out.

If were I to drive a Challenger SRT8 on my 90-mile round trip commute at $3.65 a gallon, it would cost $27.37 a day, $136.88 a week, and about $7,000 a year for fuel. Not to mention, the Challenger SRT8 carries a $2,100 gas-guzzler tax when purchased. Like it or not, fuel economy is a factor, and one that may prove a spoiler for these reborn muscle cars (at least for those with V8s) after the first year or two of sales.

These calculations sent my mind recoiling during the press conference to the never-ending “What would I buy?” question. The Scion xB and Toyota Matrix would be nice commuters, but is it really worth the operational cost for that BIG 2.4-liter four-cylinder?

To reset my agitated brain, I turned to a senior manager from General Motors and asked, “425 horsepower. Will the Camaro be able to beat that?” He smiled and replied, “I think so, and with better fuel economy.”

There may be hope just yet…I mean, our 505-hp Corvette Z06 got 13 mpg city and 28 on the highway. Understandably, the Z06 is about 945 pounds less than the full-boot Challenger but who would have thought that during the peak of the muscle car wars that a 500+-hp anything would get 28 mpg?

What do you think of the latest muscle cars? And do you think fuel economy will be a factor in their sales? Post your Comments below.

—Jeff Bartlett

Read our complete coverage of the 2008 Chicago Auto Show.