The precision measurement and discovery potential of a neutrino factory based on a storage ring of boosted radioactive ions ($\beta$-beam) is re-examined. In contrast with past designs, which assume ion $\gamma$ factors of $\sim 100$ and baselines of L=130 km, we emphasize the advantages of boosting the ions to higher $\gamma$ and increasing the baseline proportionally. In particular, we consider a medium-$\gamma$ scenario ($\gamma \sim 500$, L=730 km) and a high-$\gamma$ scenario ($\gamma \sim 2000$, L = 3000 km).The increase in statistics, which grow linearly with the average beam energy, the ability to exploit the energy dependence of the signal and the sizable matter effects at this longer baseline all increase the discovery potential of such a machine very significantly.

Comment: An error corrected, conclusions unchanged. Revised version to appear in Nuclear Physics B