I own an '02 WRX that I picked up March 13th, 2001. It was one of the first cars to come over and I ordered it in around December 2000. Obviously, no one had driven one in the states at that time and I felt a little trepidation ordering sight unseen. However, I had test driven a 2001 2.5 RS and was reasonable satisfied with the car.
When the happy day arrived, I went to the dealer where they had already installed my Bridgestone Potenza SO2 Pole Positions on 17" ASA wheels. I must say, I was totally blown away by the car. I have owned and currently own several performance cars. While the Subaru isn't the fastest car on the road, it has so many great aspects that I certainly consider it one of the most well-rounded and multi-purpose performance cars I've ever driven.
As far as performance, it's more up to the driver than the car. The car is willing if you are. Most magazines have posted 0-60 times in the mid-5's which is good for any car, especially one under $30k. In the C&D head to head between the BMW 325iX, the Audi S4, and the WRX, the WRX came in second only to the S4, and only by the slimmest of margins. Pretty impressive.
While I don't endorse racing anywhere but the track, in most impromptu stop light sessions the WRX will hold it's own. If it's raining or snowing, the WRX will rule the road. The clutch is adequate for Subaru's purposes, but if you're going to drag race it, expect to replace the clutch frequently. The gears are OK stock; a short throw kit and bushings are well worth the price.
The car is set up on the relatively tame side; it will understeer unless provoked. I believe Subaru does this as a safety precation, expecting people who want to power slide the car will upgrade the rear sway bar. It's most happy on twisties, but I've taken numerous 5 hour highway commutes with no ill effect.
For a stock, no-cost system, the stereo is good. Particularly the head unit. I appreciate the ability to play both CDs and tapes, and the built-in 6 disk changer is very cool. Most people who listen to the radio a lot will find that the weak link is the factory speakers. They are easy and relatively inexpensive to replace (check out Crutchfield). If you need to shake windows with huge bass, you'll be yanking the whole system, anyways.
I would take the WRX over the Prelude any day. You can make the Prelude faster than the WRX, but it'll be miserable to drive. FWD and huge power just don't mix.
J.B.