I'll apologize in advance if this has already been discussed elsewhere but what is the point of offering two engines with basicly the same HP rating?
Ugh, like others said, the torque is much stronger much sooner, and since the power of the engine is always equal to torque times RPM divided by 5252 (so an engine generating 100 lb-ft at 2600 RPM generates roughly 50 hp), this means that the engine is much stronger in everyday driving than the mere peak power indicates.
I'll add a comparison of the 1.4T to the 1.8L here, by putting up their respective torque curves.

See how the darker lines (the 1.4T) are significantly higher than the paler ones over most of the RPM range, especially in the crucial 2000 to 5000 RPM range?
So what it means is that the 1.4T is just as strong as the 2.2L engine in the Cobalt over most of the RPM range, don't believe me? Look at this graph comparing the torque curves of the two.

Oh, and also, the 1.4T gets significantly better fuel economy than the 1.8L engine, so there's that too.