I had a previous-gen Corolla as a loaner for a few days a couple years ago... absolute junk. The interior was ridiculously cheap, to the point that the sun visor felt like cardboard that would fall off in my hand if I wasn't careful.
Suffice to say, I was not impressed.
The new one looks a lot nicer on the outside, but it doesn't sound terribly competitive on the fronts we find important. Less HP than the Civic, and far behind the 3 on HP and torque. Four speed auto... but I suppose, for the market that these cars are being offered to, it doesn't matter.
The XRS is a let down, though: 148 HP out of a 2.4L?