It better be good because the competition has caught up to Corolla for several years now. The Mazda 3 is now the BMW 3-series of compact sedans. Civics are not shabby either.
After saying above though, i must admit that i really like my Corolla. It's reliability and durability are legendary. It is fairly refine on the highway after changing out to Goodyear Comfortred. Wind noise is controlled (but not non-existant) and road noise is better with the new tires. Power is surprisingly good...it's perky. According to Edmunds' stats, it can easily keep up with the new Civic despite having only 126 HP and 4-speed auto...gearing is nice on the Corollas. Mileage is as advertised...30/38 more or less. Ride is quite comfortable. Handling is decent, but not it's strong point. Interior quality is pretty good for price ($18,000 out-the-door for loaded LE with side curtain airbags, tint, VIN etching, etc.). Where the Corolla still leads the competition is in it's roominess and cargo space...it is quite impressive. Crash test results are pretty good, as long as you get the side-curtain airbags.