  The interplay of pQCD, pion exchange and FSI effects is studied for the gamma
gamma --> pi^+ pi^- reaction in the region of 2 GeV < W_{gamma gamma} < 6 GeV.
We find strong interference effects between pQCD and soft pion-exchange
amplitudes up to W_{gamma gamma} ~ 4 GeV. We discuss to which extend the
conventional hadronic FSI effects could cloud the pQCD effects. We study
multipole soft and hard scattering effects as well as the coupling between
final state hadronic channels. We show how the perturbative effects in gamma
gamma --> rho rho may mix with perturbative effects in gamma gamma --> pi^+
pi^-. The effects discussed in this paper improve the agreement with the new
data of the DELPHI and ALEPH collaborations. We give estimates of the onset of
the pQCD regime. Predictions for gamma gamma --> pi^0 pi^0 are presented.
