I just took a Cobalt home for the night and I wasn't too impressed.
On the upside, For the class the interior and exterior styling are outstanding, the powertrain is strong, driving dynamics were good, information systems/onstar were a bonus, and the quality seems to be very good.
However, when compared to my old '97 Cavalier, and a 05 dodge neon I took out (just to compare), some glaring shortcomings were revealed.
-No seatbelt height adjustment
-Very low seating/high door height
-no center console
-expensive when compared to neon
I think it is a definate steup up from the cavalier but coming from a diehard GM fan I'm glad I'm not in the market for a cheap car, cuz the Cobalt would be hard to justify.