Before you let lose on me for even considering a Korean Chevy, or start ranting about "ricers" hear me out!
The new Aveo may be not performance car as it comes from Chevy, but it does have a couple of great things going for it - it's very light (less than 2400 lbs) and very cheap. I a couple of years, lightly used models will be even cheaper.
I think that with a little effort on Chevy's behalf in working with the aftermarket (as Toyota has done with the Scion line) the Aveo could turn into a blank canvas for performance upgrades. At less than 2400 lbs, an upgrade to 150 hp would make for a reasonably quick car. A little more than 200 hp would give it a power to weight ratio approaching a 4th gen Z28 (non-SS).
With such little weight, a minimal investment in wheels, tires and suspension upgrades would also make for a car with good stick and excellent response.
Styling may not be to the taste of the average muscle car enthusiast, but it is funky and is plain enough stock to leave lots of room for someone with skill and imagination.
I wonder if Chevy plans to support this car in this way. It seems to me to be a lot more financially accessible than the Cobalt - especially if you plan to mod it.