Right now, the odds favor Fremantle to repeat as host in 1991. If Alan Bond's crew of merry bandits could win off in Newport, logic says they are an even better bet to do so at home. However, the America's Cup, an improbable, even slightly fantastic, sporting event, doesn't always lend itself to logical conclusions. Genius and frailty, ego and error invariably get into the act. Australia II's triumph was Act II, Scene 1 of the longest drama in the history of sport. Now the pace has quickened. New characters wait in the wings. And, as Lexcen says, "The Cup is there, all shiny, saying, 'Come and get me.' "