Jenson Button admits the race is suffocating and the circuit could not offer a greater contrast to the breathing space offered by purpose-built venues like Bahrain and Shanghai.

So why will Sunday's sixth round of the World Championship be run on streets so narrow that one driver will be able to overtake another only at risk to life and limb?

The answer lies in the giddy, glitzy extravagance that makes the Monaco Grand Prix the beating heart ofFormula One.

The 78-lap race on a track that coils like a tarmac snake around Monte Carlo's harbour front represents far more than a test of courage and pin-point precision for those 20 drivers chasing the chequered flag.

Ever Since 1929 when William Grover-Williams, a British special agent later to be shot by the Nazis in France, won the inaugural Monaco Grand Prix, the race has formed the ultimate convening point for the sport's movers and shakers, and those drawn likes moths to the financial flame that keeps Formula One alive even in times of dire financial straits.

It is an absurd anachronism. Yet former winner David Coulthard, a Monte Carlo resident who will be commentating rather that competing after retiring at the end of last season, simply shrugs and says: “It is the premier Grand Prix for the sponsors and the glamour-seekers. They all want to be in Monaco because you have the sun, the sea and the party scene.”

Last year, for example, one of the largest vessels bobbing on the water was the Indian Empress, the prized possession of charismatic billionaire owner of the Force India team, Vijay Mallya. On his exclusive guest list were Hollywood star Kate Hudson, cycling legend Lance Armstrong, Prince Albert of Monaco, Formula One czar Bernie Ecclestone and Lewis Hamilton's father, Anthony.

On dry land, the beautiful people rubbing shoulders with sponsors and industry big shots at the Fairmont Hotel's Billionaire club included singer Beyonce, rapper Jay Z and supermodel Naomi Campbell. Chelsea owner Roman Abramovich has been spied trackside. So have David and Victoria Beckham, and Brad Pitt.

Coulthard's advice for the party-weary this weekend? “In the morning, the Cafe de Paris does the best Bloody Mary's around. Your hangover cured, go to the Casino and lose whatever money you have left.”

Of course, when the red lights go out on Sunday afternoon there will be those gambling with something rather more precious than a Blackjack chip.

Aussie Red Bull driver Mark Webber acknowledges the futility of actually attempting to race side-by-side between stout metal barriers that will rip away a wheel at the slightest of touches.

“It is a complete one-off,” he said. “But it is the jewel in the crown and we know, politically, it will never be taken off the calendar.

“For us drivers it is incredibly challenging, you get punished for the smallest mistake. But most of us, certainly I do, like that challenge. It is what we sign up for, we want to be tested.”

At this grand prix some eight years ago Button, another resident of the Mediterranean tax haven, tested the patience of his then boss, QPR co-owner Flavio Briatore, by ostentatiously berthing his yacht Little Missy' right by the paddock gates.

The incident reinforced Briatore's perception that Jet-set' Jenson, who never won for his Renault team, was too easily distracted by the trappings of success rather than achieving success itself. If only Briatore had spied the competitive streak beneath that flash exterior — a streak that has carried him to four wins from five starts this year.

Like Webber, he can't wait for this weekend's roller-coaster ride around his home' town. “It's mental,” said Button, who spent a night in hospital after crashing at 185mph during practice there in 2003. “Everything happens so fast that it takes a few laps for your brain to adjust.

“All you see is barriers, which makes it seem twice as fast. And everything is right on top of you, the people and the buildings, so that there is no breathing space.”

Overtaking? He admitted: “It's tough. The circuit's so point-and-squirt. You know it's going to be a train and you have to stay alert in case somebody screws up. There's a guy behind and a guy in front. Forget the guy behind, you know he can't pass, so try and push the one in front into a mistake.

“This time I come here very confident in the team, the car and myself. I'm really looking forward to getting out on the circuit and winning would be special.”