I purchased my Cobalt LS coupe on New Years Eve of 2007. It was one of the last 07's so I got a really good deal on it. After trading in my 01 Cavalier Z24 ($1000), GM Red Tag discounts and having a former GM employee (my grandfather) with me, which gave me another $1000 off, the car was $10,300. So far I have to say that I couldn't be happier. I have only taken it back to the dealer twice. Once for an oil change and another because I hit a pot hole and bent the rim (my fault of course).
With 148hp there is plenty of power for any situation. Acceleration rivals that of my Z24 which had 150hp. The transmission on the Cobalt is tuned more for economy, so it doesn't shift as snappy though. The best fuel mileage I have gotten was about 38MPG. I could beat on the car the whole week and still usually get above 30MPG.
The handling is also very good, it would be even better without the cheapo tires. The variable electric steering takes a little getting used to, but once you do, you don't notice the difference. Plus, since it's not a hydraulic system, it adds MPGs.
Overall I like the styling of the exterior on the coupe. It makes even my base LS stand out. I get compliments all of the time on it... especially from women ;) The coupe definitely has better rear styling than the sedan which kind of looks like a Neon from the rear.
The interior is very well put together and is a huge step up from the Cavalier. I have no idea why people say the interiors are bad on these cars. I was in a 2003 Honda CRV which had just as much hard plastic, and even had squeaks and rattles.
The stereo head unit looks better than previous GM designs, and I like the AUX jack. The speakers don't sound bad for a basic stock setup.
I do miss the power features and keyless entry from my Z24, but that's my fault for not getting the LT.
I find the DIC to be very useful, and appreciate the extra touch of having the steering wheel buttons lit. I like the height adjustable feature since I like to sit higher.
I don't have any trouble with rear visibility or seat comfort, which seems to be a common complaint for some people. Note that I also didn't get a rear spoiler.
With all of this good, I also have a few gripes. The biggest is the lack of ABS. I know you can get it on other trims, but GM took a step back here since all 1992-2002 Cavaliers had this standard.
Another thing is that my power steering sounds a bit loud. I don't know if this is normal for electric steering or not.
Also, my hubcaps make horrible squeaking noises. It really detracts from an otherwise well made car.
Finally, while I think they overall did an excellent job on the interior, Chevy should have made the door panels two-tone instead of the solid gray color. From what I've seen, they only did this on the LS model as the other trims have the two-tone.
Overall I am very much satisfied with my Cobalt and GM in general. I think that more people should realize that just because it's domestic doesn't mean that it's junk. If I did it all over again, I would still get the Cobalt, but I would spend the extra money and get the LT, which has all of the power features, slightly better interior, ABS and alloy wheels.