I recently replaced a Nissan Versa with the Toyota Corolla. So far, it has been an excellent decision! As the badging of this car is a little different in Canada, the model I bought is the base CE with the available moonroof convenience package. I saw no reason to spend more for the S, as my car has all options I could ever want.
It seems that most user reviews mention lack of styling and boring driving experience. I will admit that this is not a sporty car and it does not offer the driving feel of a Mazda 3. However, I don't think the Corolla has ever tried to do anything other than what it does best - being a reliable, safe, comfortable, fuel-efficient and practical way to get around.
Excellent fuel economy, extremely comfortable interior, large trunk, excellent Bluetooth for both phone and audio, cruise control, steering wheel mounted audio controls, heated seats, interior build quality feels solid despite being plastic, sunroof.
Given the car's reputation, I hope the reliability is on par with what's expected... only time will tell!
Like I mentioned earlier, I'm really having to nit-pick to find something I don't like. However, the cabin could be a little quieter when driving in high winds and the car is prone to lateral winds. The exterior of the car is a little conservative - Toyota can be a little more daring next time!