I owned this car for a couple months, and I'm very happy with it with the exception of the repairs it needed and may need at the 150,000-160,000 mile point.
The transmission shifts smoothly to the point where I can barely feel it.
The engine starts instantly like the other 302 I had in my F150.
It has always smelled hot and like burnt oil.
I'm just getting the valve cover gaskets changed, and my mechanic found a leak somewhere between the valve covers and the heater core. It's extremely small and he found antifreeze on the underside of the manifold. I asked my local parts store and they said it could very well be the head gaskets starting to go out. I don't mind it because my mechanic works extremely cheap, but if it weren't for that, I would've hated the car right when the intake gaskets blew.
The ride is very smooth and quiet.
My gas mileage is unknown for city driving at the time, but the highway is 24.5 with a lot of steep hills and stop and go curves, and the freeway is 28 with the MSD ignition parts.
I plan on keeping this car for a long time, and when the engine does give out I'll buy another 302 and get it right back on the road. (If you buy this type of car and think the steering is too loose, it's probably because it's so big and you aren't used to driving it. You'll be driving it with one finger after a few hours.)