The Nitty Gritty - It's a strict toy/second car. Heavy on the looks, pretty light on real sport. It's got nothing on the Miata on driving experience and feels like the cobbled together $19k car it's guts were designed to be.
The best part of the Sky is far and away the styling in and out. The only thing it will ever do better than a Miata is drop jaws. If you don't like being stared at this is not your ride. Very impressive looking car and GM would be smart to ape the cues (and not water them down) on all future Saturn models.
Otherwise the Miata is still the small roadster benchmark and is clearly still the best car in every other respect.
The quality of the car is decent, but nothing to crow about. I noted uneven seams in the body and cheap feeling handles, hood, releases and interior materials. The interior has a somewhat cheap sheen to it the Miata doesn't. When you open the hood or boot you will see how thrown together the car really is. It reminds me of a kit car someone would put together in their garage. Wires and electronics are laid out all over the place with visible plugs. It doesn't impart a premium feel at all, neither does opening and closing the door or other body parts.
The drive is okay, but not sporty. If you've driven a real sports car like the Miata, S2000, etc. you will be disappointed. The steering and pedals have that vague, fuzzed GM feel to them. Not communicative at all. The shifter also feels like it came out of a truck with no snick-snick action. Not surprising since last I read that's exactly where GM got it from. The chassis is pretty solid, not a whole lot of quiver on rough roads. It doesn't feel anywhere as honed as the Miata in turns, you kind of manhandle it around corners and feel it's grip rather than finesse through them like you do in the Miata. That's just what you get with a heavy chassis, rubbery steering and wide tires. The engine isn't a paragon of sportiness either. It's fairly raucous when revved and hangs onto RPMs instead of easily flowing up and down the tach. It does perform well enough though.
As a sports car the Sky is laughable. As a toy to be seen in, it's glorious. If we're lucky maybe the Redline will be a 1/4 mile monster with some tweaking.
Europeans are going to hate this car and want their Speedster/VX back.