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Mercedes was the company that actually lobbied the US Federal government to close the grey-market loophole in the late 1980's.
Still, everything VMO has said above is true.
In summary, no 340R or S1 elise is legal to drive on the road in the eyes of NHTSA and EPA, regardless of what your DMV may be fooled into believing.
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Current:{2006 Volvo V50}{2005 Lotus Elise}{2005 Subaru Impreza 2.5RS}{2004 Subaru Impreza WRX STi}{1988 Lancia Delta Integrale}
Past: {1997 Honda Civic EX}{1994 Infiniti J30}{1992 Volkswagen Passat GL}{1988 BMW M3}{1988 Nissan 300ZX}{1988 Ford Taurus LX}{1971 BMW 2002}
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