Pros: Great fuel economy, good reliability
Cons: Has issues after having been totalled. Twice.
I listed both the positive and the negative in the title: it's great and it's little.
Bottom line: It's fuel efficient, reliable, but not great for large families or large people.
Before I go any further, I need you to know what this car has been through so you can take what I say in context. It's my first car, so it's had... erm... a few "learning experiences" in it. I've tested it to the max. I bought it with a salvage title and proceeded to total it again myself a month later (not my fault!) Dad fixed it, and I proceeded to hit a deer with it about 6 months later.
So it's seen some wear and tear, you might say.
All repairs that I have had have been directly accident related. The mechanics wince when they see it, but it never falls apart and I never have any issues with it.
Positives: I don't have to worry about it falling apart. I have had it about three years now, and no non-accident related repairs. It gets great gas mileage (a life saver with current gas prices) and it's mostly worry free.
Negatives: While I've never had any non-accident related repairs, there have been a few issues. The key doesn't always turn in the ignition, and there is a bearing going out somewhere (mechanic says "don't fix it till it goes - no point"). Also, I can unlock my door with the key to my sister's car (a prizm, which is basically the same car just a different brand stamped on it). Also, one of the rear doors won't unlock, another doesn't respond to the power lock system and must be done manually, and the front passenger door lock has been intermittant until my dad fixed it.
There is, of course, the bit about the entire hood crinkling up like the lid on a can when I slid under the rear end of a truck, while driving at about 12 miles an hour... the parts aren't as solid as they used to be on older vehicles. However, considering that it's about the same with most little sedans out there, I hardly blame it.
If it hadn't been wrecked, I'd never have had to worry about it. (of course, someone pickier than me might be very upset over the locks. But it's never caused me problems) I do not regret buying it one bit (regret wrecking it? Absolutely). I am now in the market for an upgrade, since it's closing in on 150,000 miles, and am looking into getting another Toyota Corolla. I wouldn't mind one of this year if it had lower miles. It's been a pleasant, if somewhat unlucky, experience owning this car.