Given all of the incentives to purchase a new car, I decided to replace my '02 V6 Honda Accord EX, a fine car that I found to be extremely boring. When I read the reviews of the new CTS I was impressed. When I drove the car I was even more so. Now, after 9K miles I am comfortable in saying that it is everything I expected it to be. It is truly a world-class car, and GM & Cadillac should be justifiably proud. They have produced a distinctively American entry level luxury sedan with performance, style, and quality. There is no reason to add the phrase "for an American car" when comparing it to Euro or Japanese competitors. It's vehicles like the CTS that are critical to GM's recovery.
Ride quality, performance, distinctive exterior styling, and first-class interior styling. Corners ferociously. BIG horse power from a naturally aspirated V6. I get to say "Damn right it's a Cadillac!" a lot.
As other have mentioned, it is lacking in interior storage space. There's no sun-glass storage area and the center console and glove compartment are quite small. Visibility out the side mirrors is very limited, with some serious blind spots. I added small convex mirrors to both and it's better.