I drive an '03 Corolla and it's pretty sad that the same 4 speed auto is in the base version 10 years later. That transmission is just mediocre and I'd be pretty peeved to have it in a brand new 2014MY car, especially when most of the competition offers 5-6 speeds and Toyotas are supposed to be the "good" economy cars. On the other hand though, the CVT is interesting and I imagine it'll offer great fuel economy. I get great fuel economy even with the crappy transmission, but having more ratios should allow you to get up to a higher speed without the revs falling (on my car once you get up around 115km/h you can't go much higher without the revs getting too high and burning through fuel).
Interior looks nice, but refinement will have to match for it to be a good upgrade. Exterior will be divisive, I think it looks alright but I also think it won't age as well as some of the other Corollas. My 2003 obviously doesn't look "good", but it just looks like a car and it doesn't stand out for being absurdly ugly or strangely styled, something that I reckon is important in this segment from this manufacturer.
Engine isn't groundbreaking obviously, but it's not a bad engine by any means. It's certainly not going to be the best in the segment, but for what the car is the 1ZZ-FE is incredibly reliable, efficient, and has enough power for an economy car. Styling is what it is, but I think ultimately the success of the car depends on refinement and interior toys.