I have only owned my Rabbit for a couple of weeks, but already know I will not regret the purchase. It is sensible for an in-city driver like me (3-5 miles/day most days). You get a lot of car for a little price, without throwing the extra $6,000 down for the GTI version. This car is very stylish and remarkably roomy inside (my parents are jealous--they have a new Beetle). Plus, unlike a lot of the 2-door Hatchbacks coming out (the Yaris at $11,000--ha--only if you barely have air-conditioning), the Rabbit comes pretty loaded at the base package. It has power everything, cruise control, etc. I am looking forward to the accessories packages to outfit the base model (be warned: floor mats are not standard, for some reason).
The engine, tossing a 2.5 liter into this little thing gives it plenty of get- up-and-go, even without any Turbo mods (though I might get those anyway...).
Sunroof and heated seat options would be nice for the 2-door version (available only on the 4-door). The speedometer should have a multiple of 5 clearly marked on it. This is a personal quirk since that is where all the speed limits are.