I picked up a C5 Corvette Coupe about a month ago as my summer/nice weather commuter/road trip car.
Its tough to beat.
30+ real world MPG on the highway with the 6 speed. 24 MPG in mixed commuting.
Huge community (coming from the DSM world, its rare to find an online community as large and as good as the DSM world)
Cheap parts (its a Chevy after all, with all the wonderful parts bin engineering that comes with)
Stone reliable (its mainly truck, Camaro, and Malibu parts, after all)
Fantastic exhaust note with an aftermarket exhaust.
As many mods as you can dream and then some. Everything from custom leather interior to retractable hardtops to streetable 700 horse engine builds have already been done and documented.
Common (30k cars a year 98-04, 8k 97s) Plenty getting parted out for cheap used parts
Enough room for 2 adults and a few days worth of stuff like bags, chairs, cooler, and still take the targa off and store it in the trunk when the weather allows.
REMOVABLE TOP! The regular coupe cars, not the fixed roof coupes (FRC) or Z06 cars, have a removable targa top that removes without tools in less than a minute and stores safely in the hatch. What fun is a nice weather car if you can't pop the top?!
Still gets the look. M3s are cool but most people think they are just another car with nice wheels. Corvettes look like Corvettes.
The C5 Corvette is the greatest performance car bargain of all time right now. Nice ones can be had in the 13-18k range. I got mine for 15k and it had the following; new Michelin tires, new Vararam intake, new SLP exhaust, OEM Magnesium wheels, new Optima battery which is a must-have on Corvettes due to battery/ecu placement, Z51 suspension, 6 speed, tinted windows, high dollar but crappy aftermarket stereo which is coming out, and its a 2002 so it has all the goodies from the factory like the LS6 intake and MAF and some other running upgrades that first appeared on the later C5s.
The only bad issues on the C5s are the crappy leather on the seats, but a complete aftermarket leather recover kit is $700 or less and expensive tires. The rest of the car is rock solid. GRM should do an article on them.