There's a Ferrari F430 in the garage down the street in NYC. It has the sexiest damn car cover I've ever seen. I mean, it was the Ferrari of car covers.
Which means it's not impossible for Ferrari to make something awesome that's not actually a car.
Something to think about the next time you see a random piece of crap product with a Ferrari logo slapped on it. It's not like Ferrari should only license products that are targetted at their actual, current buyers. It's that a licensed product shouldn't make a Ferrari admirer wince and go, "WTF?"
Motorola Announces MotoRAZR Ferrari [tech2 via core77]
Previously: POS Ferrari Car Seats; POS Ferrari Romper in POS Ferrari Store
Ferrari does work with Colnago to make a road bike that definitely won't make you wince, until you reach for your wallet to pay for it.
Then again, it's not as if Colnago needed any help from Ferrari to make a sweet ride.