My heart rate had only returned to normal by the time race four was due to start.

Wednesday's classic encounter had wound me up like nothing I could recall in recent times. It was brilliant to watch and I felt sorry for those ONE Sport viewers who went to bed because of the late start.

Race four was well-controlled by the defenders. They led from the start and sailed a very smart tactical race throughout. There is no doubt they had taken some lessons onboard from the previous day.

There is also no doubt that Team New Zealand have rattled the cage of the previously very confident Alinghi camp. They, and most 'experts' here in Valencia, had reckoned on this event finishing on day five with the holders hardly raising a sweat. The match so far has ridiculed that line of thinking and Team New Zealand have gained a lot of respect for what they have achieved.

Their boat, NZL 92, is very competitive although some questions have yet to be answered. The crew has responded well under pressure, recovering from some tricky situations with composure and skill and the afterguard has fed Dean Barker excellent information for him to get the boat into favourable positions.

The Louis Vuitton Cup racing has certainly aided the Kiwis. Race three was a perfect example of how they had benefited from intensive racing. They were quite comfortable with the conditions in which the race was started. They did not quibble; in fact they wanted to race. Their opponents on the other hand, did not relish the thought of flukey conditions and lumpy seas. Dean Phipps said afterwards that during their in-house training, they would have packed up and gone home if those sorts of conditions had developed.

There was disappointment on the faces of many of the Emirates team New Zealand fans here on the night after race four. They had hoped for another victory, but all of those I spoke with were adamant this performance by Team New Zealand has been extraordinary. Even if Alinghi retain the Americas Cup, all New Zealanders here will feel nothing but pride for Grant Dalton's team.

The battle continues on the water with race five on Saturday morning.