  An analysis of the neutrino oscillation physics capability of a low energy
Neutrino Factory is presented, including a first simulation of the detector
efficiency and event energy threshold. The sensitivity of the physics reach to
the presence of backgrounds is also studied. We consider a representative
baseline of 1480 km, we use muons with 4.12 GeV energy and we exploit a very
conservative estimate of the energy resolution of the detector. Our analysis
suggests an impressive physics reach for this setup, which can eliminate
degenerate solutions, for both large and small values of the mixing angle
theta_13, and can determine leptonic CP violation and the neutrino mass
hierarchy with extraordinary sensitivity.
