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This car isn't a rocket. It's a drifting, handling demon. If you want to go to the track and eat Mustangs, move on. You won't win. But if you want to have tremendous fun on corners, and a lively ride in traffic, this definitely is a car to consider.
Yes, it's a bit underpowered acceleration-wise. You have to know that going in. And don't even consider automatic - 6-speed all the way or … go home. That said, it is SO much fun to whip around traffic, take 90-degree turns at 50mph+, etc. It corners like a dream and is incredibly responsive. It's just a fun car.
Also, it's a 2-seater. It may have four seats, but unless your friends are quad-amputees or children, they won't fit in the back. This is purely a 2-person cruising machine. The only way it would be more fun is if they made it a convertible.
I have an hour-commute each way every day to work, and it puts a smile on my face every time I get in it. I have no regrets buying it.
Edit 2 years later: I still love this cat for my daily driver. It is agile, small, but not Miata-small, you know? And while I will never win races in it, the handling on it is everything you could want from even a Porsche-level car. Definitely a keeper.
I would recommend the Subaru BRZ over the Toyota however. The interior is much nicer, the service/warrantee better, and the price more or less the same.