The first gen fit looks great, and I think both gens look better than the Ion. I test drove a Honda Fit Sport manual when they first came out because a friend of mine was looking at cars. It handled great and had great space for it's size, but I did find the power to not be enough for me. I was coming from the RSX-S at the time, and I probably would have traded 5 mpg for an additional 30hp on the Fit.

I'd say go for it if you can handle the power deficit, the Fit is a better car in almost every other way. Including the fact that Honda brand still exists and Honda still has a dealer network that exists. h: