I bought my Prelude when it was 4 years old and had 30,000 miles on it. I knew I wanted that car the first time I test drove it, and I have not regretted buying it for even one second since I signed the contract. I love that it is a sporty, fun-to-drive car that handles well, but also has a good-sized trunk and gets 30 MPG (combined highway/city) consistently. I give her regular oil changes, and have had the timing belt/water pump replaced twice (at about 83000 mi, and again at 179000 mi). From what I understand about the engine construction, it is a very bad thing to wait for the timing belt to break, as you will then have to have a valve job too. With basic repairs, she runs & runs.
I love the combination of good looks, sporty driving and handling, good fuel economy, and sufficient cargo/trunk space. It has been satisfying all the way around.
Personally, I like the rear end of the newer Preludes better; however, I infinitely prefer the front end of the 94 model. I don't know what Honda was thinking when they dropped the Prelude model altogether, instead of combining the older front end and the newer rear end for the next model.