A surprisingly fast, great-handling and comfortable car.
We bought the car used with 52000 miles in 2006 and discovered a few little problems (above), the most serious of which was the leak in the A/C Condenser -- a common problem on these cars. (Cost to fix: $1000)
We bought this as a car for our kids to use when they reach driving age. The incredible power of this car has us concerned, especially when our sons reach driving age. Gas mileage is okay, but not great -- about 20-23 mpg.
We've heard horror stories about later model Volvos and those with 4-wheel drive. Other than the problems noted, it's been very reliable thus far.