I dont know why I havent mention the older generation of the Lancer Evolutions. Heres alittle history on them, from Evo I to Evo VI.
Since the first Lancer Evolution arrived in 1992, it kept updating nearly every year. The Evolution I was already a spectacular car, with the 4G63 turbocharged 16 valves straight four engine pumping out 250hp, 4-wheel-drive, aluminium bonnet, close ratio gearbox, Recaro sports seats and Momo steering wheels...
Evo II launched in late 1993, had little modifications, the most important of which is the increment of ride height to provide more suspensions travel. The engine got 10 extra horsepower.
Evo III in Jan 95 introduced a set of awesome aerodynamic kits, including big front bumper and bi-plane rear wing. Intercooler was enlarged while power raised to 270hp.
Evo IV of summer 96 was based on the body of the new generation Lancer sedan. Apart from the stronger chassis, a lot effort was made to the engine and drive train. Racing camshaft, improved induction and exhaust added 10 hp and more important, 33 lbft of torque. Helical mechanical rear LSD was used while the AYC Automatic Yaw Control made its debut.
Evo V of Jan 98 was also another great improvement. Front and rear track received a generous increment of 40 and 35mm respectively. Wider wheel arches accommodate the 225mm wide, 17in diameter sports tyres. Superior brakes incorporated Brembo calipers with 4 pistons in front and 2 in rear. Suspensions arms made of aluminium alloy. Inverted dampers improved chassis rigidity. A new turbocharger and improved intercooler brought peak torque to 275lbft from 261lbft, while the 280hp power was bounded by domestic regulation. An improved AYC reduced the understeer found in previous generations so that many people started to choose the Lancer instead of Subaru Impreza WRX.
Evo VI of Jan 99 improved mostly in aerodynamics reacted to the change of WRC's regulation, plus improved engine cooling making the same power and torque more durable. RS version introduced the world's first titanium turbine to reduce turbo lag. Extra spot welds improved chassis rigidity.
EvoVII Extreme
The Extreme is a hotter version of Evo VII modified by Mitsubishi's official tuning arm Ralliart UK. It is not a stripped-out version as it has all the standard equipment such as air-con, CD player, ABS etc. as the standard Evo VII GSR. However, a re-chipped management program pushes maximum turbo boost to 1.6 bar, accompany with forged pistons and con-rods, larger intercooler as well as bigger bore exhaust, the maximum power is raised from the standard (if quite self-limiting) 280hp to 340hp. That might not impress you, but like rallying cars, torque is the most improved area - now it has 350 lbft instead of 282 lbft.
The gearbox is unchanged, but clutch is 25% stronger to cope with increased torque from the engine. Most astonishing are brakes - the front has a AP 6-pot caliper clamping 362mm-diameter, cross-drilled ventilated disc ! other modifications are much more predictable, such as stiffened suspensions, 20mm lower ride height, larger 18in wheels wearing lower-profile Yokohama AVS rubbers. The wheels are made of magnesium to cut weight, so the Extreme - despite of all the strengthened powertrain and brakes - weighs the same as the standard GSR.
The Extreme does 0-60 in 4.2 seconds, which means it can compete with a Porsche 911 Turbo until three figures. The 0-100 time of 11.0 seconds already reflects the fact that its down-force-based aerodynamics is not designed for Autobahn. This is further confirmed by the 160mph top speed. However, at what we called "real world speed" the Lancer Extreme is nearly unbeatable, especially its combination of 4WD, ACD and AYC provides unmatchable grip and accuracy in any roads, including the worst bumpy and twisty roads. The explosive power is well under controlled by the superb chassis. It combines the best of two worlds - TVR's explosiveness and 911's security. And Lancer's practicality too. Despite of harder ride, the Extreme is not as difficult to live with as you might expect from the name.
-http://autozine.kyul.net/html/Mitsubishi2.htm#E8%20US
Here is my list from my favorite to my least favorite.
Evo VI
Evo V
Evo VII
Evo VIII
Evo IIII
Evo III
Evo II
Evo I