Ferrari is looking mighty on pace in Felipe's hands =D> =D> =D> bunch of laps in the low 20's
Seems the Pirellis get too hot especially in the rear, could be a combination of their design and the fact Jerez demands a lot of rear acceleration particularly in sector 2. The most important thing is consistency of lap times rather than out and out pace, as it seems(from the testing times) that the Pirellis are degrading a second every three laps.
From the laps Hamilton did I could say the Mercedes has some potential, depending of course on how much fuel they were carrying, but they definitely seem competitive even out of the box like that.