That is one of the few good ponies in GM stable. The only real shortcoming of this car vs. its competition is the rear suspension as it is not independant.
As Mdxtasy pointed out, the interior is light years ahead of the Cavalier/Sunfire. And if the Z24 was often overlooked in the past, it was actually a decent car. We had a 1996 Z24 that gave us Zero problem during the 3 years we had it. It also proved out to be a far superior highway car than the Civic it replaced, being heavier and more "planted". We used to drive frequently the entire 401 highway and the Civic would wander on the road under heavy winds.
It all depends on where you drive. No doubt the Civic is a better commuter in city and better handler on less than perfect roads. But the Cobalt SS supercharged is faster than most of its competitors and I expect it to be also an excellent highway car, better than the Z24 was.