I bought this car at the start of July '07 as I fancied a change from the 122k mile Astra I had previously, and wanted something fairly discreet looking, but with a bit of poke. It is discreet looking in Silver, and doesn't even have colour coded door handles etc.
I read a review of it before I bought it which said it was a hot-hatch for more mature drivers who didn't really want a hot-hatch. This is probably quite true, as it's certainly not a chavtastic high revving screaming hot-hatch, in fact, it isn't a hot-hatch at all. Performance and handling is good, sporty, but it isn't a performance car. The Fabia is a compromise between a sensible economical small hatchback and a hot-hatch. Understand that it's not trying to be anything else and you will enjoy this car.
The good things: performance is respectable and you can make swift progress, looks good if somewhat discreet (but I like this), it has very good fuel economy and general running costs, it's not a Mini Cooper (Estate Agents and 17 year old girls vehicle)!
The bad things: the light interior is easily marked if not careful, paint on the front which chips easily and has a black coat underneath, slightly offset pedals to the driver's seat.
I like my Fabia and don't regret buying it, but will probably buy something different in another 3 years just for a change.
Without a doubt though... the best thing about the Fabia vRS is its ability to rile BMW drivers and drivers of other rep-mobiles. They HATE being passed a Skoda and obviously see it has a personal mission to overtake you in return. To give you an example - I was following a Mondeo TDCi 130bhp down the A1 last week. As we approached a roundabout, I took the right-hand lane so as to overtake him as we exited the roundabout onto the dual-carriageway. He obviously was not keen on a scummy Skoda driver passing his mighty rep-chariot and booted it. So I booted it to... Cheerio Mr Mundano! Ditto Mr BMW the next day. In the short few months I've owned my VRS, this happens regularly. I'm usually an average driver who treats my car with a bit of mechanical sympathy, but I can't resist an invitation like that from the badge-snobs in their rep-mobiles (BMW reps easily identified by their de-badge option and pea-shooter exhaust!).
If you want a VRS, buy one - they're fun and you won't regret it! Just understand that it's not in the same league as a Civic Type-R or Clio 192 etc etc (but then neither's the price!).