DLB, I've been watching this thread with great interest since its inception as I too have been intrigued by these little beasts ever since I drove one around a dealer's lot about 10 years ago (more on that later). Needless to say, I'm disappointed by the lack of responses. Must be the 2040 was a US model; not sure what it might have been known as elsewhere.
A few years ago, I found a company named Wisconsin Engineering (www.wisconsineng.com) that offered what appeared to be the same tractor, but with a choice of engines giving it a range of 20-35(?) HP. However, I think they may have gone under as I can't find anything on them since.
My input on this tractor (based upon a couple of 5-10 min test drives around a dealer's lot):
Very agile and maneurverable, despite lack of power steering (although the dealer did mention a Char-Lynn add-on unit was available)
Engine felt like it had torque to spare; probably a little under-rated at 20hp
Would have prefered a 9-3 transmission, instead of 6-3, and a live PTO instead of tranny driven, but overall a nice little machine that would have worked well for my needs. (The CFO nixed the idea!)
Only come across two used units since then. Probably means that not many were sold in the US, and the one's that were are being held onto by their owners. One was only used to care for a large estate and the other was used breifly by a tree nursery.
The former machine's owner really liked the tractor, but decided he really didn't need something that large/capable to mow his yard. The second tractor's owner bought it to handle a mounted sprayer and mower for his tree business. He liked it on the sprayer (3pt would lift more than the front end of the tractor could keep on the ground), but didn't like how small front end movements/steering corrections were tranmitted to, and it seemed, amplified by the mower, thereby resulting in the edge of the mower hitting tree trunks.
On both occasions, I just couldn't present a good enough argument to justify the expense to the CFO. Guess I gotta work on that...