Compared to other pseudo wagons in this segment, the Protege5 is small, and it's performance is only mediocore with the 2.0L. Of course, compared to batmang's CRX, the P5 is a boat. I drive an MX-3 and my test drives in the P5 were great. Felt roomy and relatively peppy. When I brought along a friend and turned on the A/C, the car lost a noticeable amount of power.
Pros:
1) Looks great, if you don't mind driving a small wagon (don't kid yourselves, it's more of a wagon then a hatchback). Personally I love the looks, but don't care for the stigma that surrounds "wagon."
2) Great road feel. The ride is firm, compared to the Vibe/Matrix, Aerio, Focus, but still soft enough to not get annoying.
3) Breaks felt great. Strong when they needed to be and very well modulated.
4) Aftermarket parts available for the 2.0L 4-cyl. Flyinmiata.net has a turbo package available for the P5 if you're into that sorta thing.
5) Reasonably well equipped for the price. ABS, moonroof, side curtain airbags, 6 disc in-dash CD changer, leather, are the big optional items.
6) Great warranty.
Cons:
1) I greatly disliked the interior. The design looks bad to me, and some of the trim pieces were extremely flexible and loose, especially in the center console area. If you look underneath the steering wheel, you'll notice there isn't any trim covering the wires, bolts, etc. You don't see this area often, but just knowing that all the metal is bare bothers the hell out of me.
2) The power was more than adequate for a point A to B vehicle. Passing power was also adequate on the interstate. However, turning on the air condition and/or carpooling with other passengers caused a very noticeable loss of power.
3) Some people don't like driving "wagons."
4) The engine is rather buzzy at higher RPMs, compared to the Matrix and Vibe. Not terrible, not by any stretch of the imagination, but noticeable. Not perfectly smooth and quiet. It's still quiet enough to be a non-issue for all but the most anally retentive people.
5) Wind noise at 60+ MPH is TERRIBLE with the roof rack installed. Average/tolerable without it.
I was extremely close to buying this vehicle. The $2250 rebate and a price of $200 over invoice made the final sale price at just under $16000 out the door for a brand new midnight blue P5 with the moonroof and 6-disc in-dash CD changer. When it was all said and done, it was Con #3 that made me rethink my decision. I was willing to overlook the interior design and the average engine power, but the fact that it was a wagon gave me serious second doubts. As much as I liked the vehicle, I just didn't love it. I'm too young for a wagon and it just didn't fit my personality. I even contemplated buying a standard Protege and installing the aftermarket Mazdaspeed body kit.
With all that said, I think I may have fallen head over heals for the Mazda3 sedan (the wagon I'm sort of "blah" about so far - I need to see it in person). Granted, there are a number of other vehicles that I would rather have, but at that price point it's looks and equipment list is unsurpassed.
If I was buying any compact wagon right now, there is absolutely no doubt in my mind, I would pick the Protege5 over it's competitors. But I think I'm more a sedan, coupe, or compact hatchback kinda guy.