Ross Brawn is refusing to pass judgement on his team's new W04 until testing but admits he is "pretty pleased" with the car.
Mercedes took the covers off their 2013 car at the Jerez circuit on Monday, just one day before pre-season testing gets underway at the Spanish track.
And although Brawn says he is happy with Mercedes' latest creation, the team boss concedes he won't really know if it is any good until it has been pitted against its rivals.
"I'm pretty pleased, but we have to see how testing goes over the next few days to get our first snap shot of the car," Brawn told Sky Sports News.
"But it has gone together well, we are quite excited as this is the first product of our engineering restructuring of 2012 and those changes take time to come through.
"So this is the first car that Aldo Costa will have done as part of the team and it is very nice car - it is a credit to all the people involved. The real test will be how it performs on the track.
"It is far too early - until you get other cars running on the track it is not clear," he said.
"Today was more of a filming day, you saw a lot of camera cars going round, so it is just his first impression.
"So it is just his first impression and once we get running we can make a proper judgement, but nothing seems to be untoward with the car - sometimes with a new car you can head out and it feels a bit strange and you have to find out what is going on, but it all seems okay."
The team boss weighed in on the vanity panel that covers the W04's stepped-nose revealing that it is more than just an aesthetics piece.
"Everything has to pay for itself - a Formula 1 team are not too worried about the aesthetics of the car," he added.
"In our case that that panel, which is very lightly constructed, pays for itself and we gained more performance from it than we lost from the weight.
"Obviously other people have found other solutions - I see McLaren have gone for a high nose compared to the low nose last year - there are a whole variety of solutions but for us it pays for itself."
As for his future, which had been question after Toto Wolff joined Mercedes in a management role, Brawn has once again insisted he's not going anywhere just yet.
"Formula 1 like any top-level sport is dynamic and if the team doesn't perform you have to make changes.
"I am here for the foreseeable future, we have done these engineering changes and I want to see their performance and a step forward in that respect. If we move forward and are successful then things will be simple - if we don't then things will get complicated.
"I'm very excited and motivated by what we have put together and the restructuring and I want to make sure we take full advantage of it."