I looked at almost all of the competing vehicles and went with the Fit since it fit my needs best. For the price, it's hard to beat considering the legendary reliability of Honda cars. The closest compition is (IMHO) the Scion xD and Hyundai Accent.
Edmunds asked for a follow up review. I sold this car in February of 2014. Lots of good to say about this car, great handling, lots of room inside, very comfortable seats and driving position, easy to maintain, very reliable. Now for the reason I sold it, the power is marginal, really have to stand on the gas and stay on it. Kinda sketchy on the highway, nervous at speeds above 70mph. Used it one winter to go skiing, and with studded tires, it went better in the snow than 99% of the cars and SUV's minus the ones with actual snow tires. Overall was a fun car, just needed more power for everyday driving.
I have had my Fit Sport 5MT for over 3 months and I am very pleased with the car. I purchased it to take over daily driver duties from my BMW 330Ci. I wanted a car that is fun to drive, inexpensive to operate, and high on practicality, and so far the Fit delivers on all counts. The cargo area is very capacious, and the Fit was able to carry 4 new boxed 16" aftermarket wheels behind the back seats. I am also able to fit my road bike in the back using a fork-mount rack. I only need to fold one seat and I do not need to drop the seat on my bike to load it back there (I am 5'10" and ride a 56cm frame). Seating in the back is fine with ample head and leg room considering the size of the car.
Overall this is a great car. There are a few quirks with it, and the technology leaves something to be desired, but for the price you can't beat it. There's a USB input jack as well as an auxiliary jack. There is so much room in this car! When the back seats are folded down I could sleep in the back of this car. There are some strange blind spots which definitely take some getting used to. There are small windows on the side of the dash to help with this, but don't do as much as you would expect.
This car can do it all and last forever. My Sport model comes with the rear spoiler, fog lights, sporty front slip, exhaust tip, and side skirts, cruise control, paddle shifters, and 16" alloy wheels. It is a great package for a great price. The car really does "Fit" everything. I have used it for plenty of long road trips. It is made for road trips with its magic seats, several storage compartments, built in USB cable, two AC power outlets, and NINE cup holders.