I hear what your saying Steve....I too was fortunate enough to be able to drive my Dad's 1990 Cadillac Fleetwood (FWD....boy did I love being seen it that thing! and don't laugh.....that was a sweet ride lol) when I turned 16. It had 180 HP & oodles of torque.....treated it with respect as you say & to this day I have a perfect driving record. ;)
I guess something as powerful as a 500 HP BMW M5 (with a V10!) however or anything remotely close to it is way too much car for any 18 year old....male or female.
We have gratuated licencing in Ontario (with a night time curfew & always have a regular experienced licenced & older driver in the passenger seat at all times, not a drop of alcohol in your system etc) & have for a number of years.....stats show it has reduced fatalities especially among the 16 - 24 crowd significantly compared to before that was implemented (I was lucky enough to not have to go through it, but Jack will). But I couldn't agree more about the upbringing part....your bang on.
I think starting a kid off in something much less powerful but sensible first.....even if they are embarassed to be seen in it (say a Corolla for example) because it's not cool or the flashiest ride in the high school parking lot. Perhaps I should never say never.....but it would be a few years & a high performance driving school or two, after he obtained his 'regular' drivers licence & driving responsibility is established before Dad's car is taken out.
This is a terrible thing that happened.....and I can't imagine how Dad feels.....because he is partly responsible I'm sorry to say for destroying 5 families, including his own :(