I recently inherited a 1999 Corolla CE Auto 1.8 L, with 117K on the odometer. I drive 41 miles ONE WAY to work, so though I have only had the car for 2.5 weeks, I have already put 1,066 miles on it (enough to get a very good feel for it).
The biggest benefit is one you would expect; using cruise control (set at 70 mph) the car averages 35 mpg (based on a mathematical fuel test 90/10 hwy/city driving). NOTE: Every 10 mph over 60mph reduces fuel economy (on ANY vehicle) by 4 mpg. This is a result of drag coefficient. Based on this theory, the true EPA estimate for the car would be under 40 mpg (hwy). The 2006 Honda Civic Hybrid is estimated to get 37/31 city/hwy, to put things into perspective.
My car has had one owner before me. It has all power options except mirrors, digital odometer with trip A and B, A/C, and a good stereo (I use an iPod through a cassette adapter).
I have only two complaints: No leg room in back (though the trunk is huge). After a 45 min commute, seats begin to feel uncomfortable.
We have a 2000 Mazda Protégé LX which I LOVE, but I have to say that as a 2nd car, the '99 Corolla is a pleasant alternative.