I haven't had this car very long yet but bought it because of it's reputation as a solid reliable car. And that's exactly what it is. I'm very very happy with it, just recently took it on a 11 hour drive, and it performed great. Has enough power to pass on the highway no prob...just drop it into 3rd and it's gone. I suggest the manual though, I don't think it would be so great in an automatic, but that's just me. The gas mileage is awesome! It's fun to drive for a 4 door economy car, and looks good too. The A/C works great, but really robs the engine of power. But yeah, great choice if you're looking for a reliable cheap to own car. Can't go wrong with a Toyota.
Uh, the reliability! There's also just little things that I noticed that I thought were cool, like the in dash thermometer, and all the cubby spaces. Oh and the cup-holders do a great job. I love it's exterior styling (especially the "S", like mine), and the trunk is nice and big.
Back seat leg room is pretty lame, but I rarely have rear passengers so I dont really care. That's about it! I'm sure that fixed this issue on the newer Corollas.