I had a Cobalt as a rental for two weeks here in Vancouver. It was an LT with auto, air, keyless entry and one touch power windows, which is how about 90% of them will go out the door. First of all, I hated the silver colour. The light grey interior was a dirt magnet, especially since I have little kids. I found the stereo very weak. On the good side was an excellent drivetrain, plenty of power and no rattles and squeaks. It handled very well. The driving position, with the standard height adjustable seat, was very good and all the controls well laid out.
The interior was a little crappy and cheap but you can drive away in one of these for for $18,800 right now and with GM willing to deal I am sure you can even beat that down to $17,000 on the road (plus tax, of course) if you try hard enough. That is at least $6,000 less than a comparably equipped Corrolla or Civic. This includes a 10 year 160,000 km powertrain warranty with courtesy transportantion and roadside assistance, none of which Toyota or Honda offer past three years. Believe me, this is a big factor.
Six grand is a big chunk of money for a working stiff like me.