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If you want a GM Pocket rocket, get the Cobalt SS. Its a bit smaller but has much better quality and better fit and finish then the Ion. Ion RL and Cobalt SS both have a Performance Package which for the Cobalt SS includes upgraded Recaros and Qualife LSD, which when tested by MT this past month, pulled the best times in any compact car, and even a faster time then teh C6 Z51 through the slolam.
PHR has an article on it this month as well, and they love it!
If GM would take some time and start to really dig into the 2.0 SC motor, they could pull another 40hp for street trim. They did it for a Cobalt SS at SEMA, im sure they could do it for produciton!
But I guess they dont want to invest in much with turbo models coming soon.
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2/20/2013: They Day the ****s Stopped
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