Talmacsi began the event ten points clear of Aspar Aprilia team-mate, championship rival and home hero Hector Faubel - and took the race lead by lap two of 24. But Faubel was into second place a lap later and in a position to challenge the #14 by lap nine.
However, even if Faubel won he needed riders between himself and Talmacsi and so - when he took the lead for the first time a lap later - Hector immediately tried to slow the pace.
Talmacsi was having none of it and some harsh passes were exchanged throughout the middle stages, which came to a temporary halt when Faubel outbraked himself at turn two on lap 13.
It took Faubel six laps to catch back up, when the carving-up continued once again - but with the three-way fight for third now closing rapidly on the leaders. With two laps to go, Talmacsi and Faubel were just 0.8secs ahead of third placed team-mate Sergio Gadea, who was in turn just in front of Mattia Pasini and Lukas Pesek.
Faubel took the lead into turn one of the last lap, but Talmacsi was back ahead at turn two - with Gadea right on their rear wheel. Talmacsi was still ahead as they charged over the brow for the final turn, when Faubel dived for the inside and took the lead!
With his momentum interrupted by the pass, Talmacsi needed to hang on in the run to the chequered flag - where he claimed second place by 0.101secs over Gadea, with Pasini just half a second further back, enough to hand Talmacsi the 2007 crown by five points!
Race results – Valencia:
1. Faubel (Aprilia)
2. Talmacsi (Aprilia) +0.185secs
3. Gadea (Aprilia) +0.286secs
4. Pasini (Aprilia) +0.826secs
5. Pesek (Derbi) +0.878secs
6. Rabat (Honda) +5.850secs
7. Nieto (Aprilia) +9.038secs
8. Smith (Honda) +13.034secs
9. Koyama (KTM) +20.734secs
10. Espargaro (Aprilia) +21.002secs
21. Webb (Honda) +54.912secs