This past Friday I had a bit of time to kill, so I stopped into the local Subie dealership and took out a 265 hatchback for a rip.
Calling the exterior 'understated' is pretty accurate. Nobody would ever stop a current (or past) Impreza driver and drool over the sexy curves. There aren't any. It's a pretty frumpy design to be honest. The interior is also pretty uninspired as others have written and the plastics DO look a little cheap and hard. Plus, the dashboard on the car I drove squeaked like a trapped mouse. Not a good first impression really.
In driving it (admittedly for only a 20 minute drive through an urban and rural setting), I came away being very, very... well... unimpressed to be honest.
Don't get me wrong, it did everything pretty well. It's a damned good car, I'm sure. Likely to be very reliable, and when you cane the thing, it'll haul arse, but compared to the previous generation WRX's that I've driven, it's just remarkably dull. (NOTE: in fairness too, a friend and the sales guy did come with me and to suggest he was merely 'portly' would be unrealistically kind -- so there was an inordinate amount of ballast in the car).
I can't imagine anyone who had driven a previous gen car being thrilled and passionate about the new one (let alone last year's WRX !). Sure it's quieter, more refined, more comfortable and better equipped (with a more feature-laden stereo), but where the previous generation WRX actually got my heart-rate up, this one practically lulls ya to sleep.
The old car had a sinister snarl to it, and all the funky whistles and belches of an aggressively-driven turbo to keep you entertained. The new one is much quieter and aside from the whistling / whining noise that Paul Williams referenced in his report, there's really not much else going on. Come on Subaru, this is supposed to be your sports car -- make it sound like one!
Being used to my little RWD car, I am accustomed to instigating a few tail-happy antics -- but even with considerable pressure on the go pedal AND the summer tires in sub-zero temperatures, the 265 gripped around corners like a cat on carpet. Impressive, but not necessarily as much fun. The off-boost lag that was hideous on the older WRX's is much less noticable now.
Still, for the following two days after my test drive, I drove my brother's '07 Impreza wagon across the province to my parents' place, then north to Bancroft for the Rally of the Tall Pines (I believe the Town of Bancroft actually passed a law disallowing any spectators from entering the village during Rally weekend who isn't driving a Subaru, ha ha). Letting the Garmin choose the shortest route, we took some very rural, twisty (and often rutted / pock-marked) gravel back roads. Even the rolly-polley base model wagon, clawed and snarled its way around these roads with enthusiasm (while poor Turbo Bob got nauseaus in the back seat). It was then I started to change my opinion of the previous day's test drive in the 265.
If you drive a WRX expecting it to feel like an RX8 or 350Z, you might be disappointed. The Subaru needs REAL roads (frost-heaved ones, cracked, off-camber turns through the back-country) to really be at its best. Hit a blind corner with decreasing radius faster than you should? I'd rather be in the WRX than the truer sports cars since the Subaru can compensate for a lot more stupidity (just ask Bob).

Plus, having a car that's every bit (if not more) fun in the winter, in the rain, or on a gravel road makes for a more enjoyable long-term experience and would perhaps help to fight off the 3-year itch for an extra few months. Being able to haul 3 friends and some skis to the mountain for a winter weekend getaway ain't bad either. Try doing that in a 350Z. And hey, if the car gets muddy or picks up a few stone chips while you're blasting across the country side, who cares, it was ugly to begin with (whereas, in driving a 135i, for instance, I'd cringe everytime I get stuck behind a sand/ salt truck).

So... I've decided that before I write off the 265 as too bland, or too simply nowhere near as impressive or entertaining as... oh, say a 135i, I must give it another test drive.
And maybe a base model STI as well?