One of NASA's major scientific initiatives in astrophysics, the Far Ul
traviolet Spectroscopic Explorer, is an orbiting observatory designed
to perform high-resolution spectroscopy of stellar objects between 910
and 1150 Angstrom. To achieve the 100 cm(2) of effective area require
d to observe faint quasars, the mission has adopted an unconventional
design that couples grazing-incidence Welter optics and an aberration-
corrected Rowland circle spectrograph. The projected cost of the satel
lite has, however, become very high, driven in large part by the cost
of the grazing optics and the side effects of compensating for their r
elatively poor performance. The logic that leads to the current design
is reanalyzed, and it is argued that because of the technical develop
ments of the last 7 years, grazing incidence is no longer the most att
ractive alternative. In particular, the application of aberration-corr
ected, spherical substrate, holographic gratings now greatly simplifie
s the design and thereby reduces the cost. A new design is presented t
hat substantially outperforms the old and that is easier to fabricate.