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I have a Cobalt, and it is indeed quick. The plastic is pretty cheap, but the engine is powerful for the class and has a nice power curve. I seldom have to take the thing about 4000 RPM unless I really want some fun, but otherwise around town it is really easy to drive smooth and steady. Good passing power. My commute is fuel efficiency hell. It is half going up and down hills at 80mph, and half bumper to bumper traffic. Even after all that (and with my lead foot) it averages 26 mpg. When my fiancee drives, it averages 30 no problem, even in mixed driving.
The trunk is huge, but a caveat is that the trunk opening itself is rather small, especially on the coupe, so filling that huge cavern is a bit difficult Rear seats split 60/40 and fold down.
Maintenance costs are very low. Due to an improved oil filter design, you can go 7000 miles between changes. Its scary at first, but then once you realize the car can do it, it is very nice. Chevy dealers tend to have low service rates also, if you're into services at the dealership. It is also insurance friendly, especially if you get one with ABS and side curtain airbags, which I highly recommend (when I got mine it was optional on the bottom trim and standard on all others. I don't know what it is now, but either way they are very affordable options).
Depreciation hasn't been too bad so far, and with further reductions to fleet sales it should be even better as time goes on.
So I can vouch for the Cobalt by personal experience. I'm affording it without a sweat on a college budget, and I commute an hour each way to work every day, so I drive it a LOT. I hear very good things about the HHR and the new Saturn Astra, so by all means check those out as well, but I can personally verify that the Cobalt is a very solid choice.
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