We have an '03 V70 and liked it so much that we bought the '05. Car is solid, comfortable, and dependable. Normal services and no real problems yet through 62K miles. Does have electrical snafus -- at times the fuel gauge doesn't register fuel remaining, and when cold, the MPG and fuel remaining readings arbitrarily change between the 4 or so displays available. Wide turning radius on the 17" wheels -- larger than the '03 with 16" wheels. Smooth & light steering, but bumpier ride than the '03 due to the 225/45R17 tires I suppose. Engine is responsive and turbo gets car up to freeway speed quickly. Original Pirelli's still on -- probably replace at 70K.
Good things include the interior comfort, fuel mileage (27mpg or so), smooth and quiet ride, and the many features inside.
Bulbs burn out frequently, electrical problems mentioned.