Mechanically it was A1. Never caused an issue at all.
I was the first owner in Australia too.
It was things like electrics that were pissing me off.. Power windows failing, ABS light on dash showing up (couldn't be stuffed diagnosing it in the end), headlights blowing for no reason, rattles everywhere, doors which rattled like crazy upon closing due to side intrusion bar installation at compliance, high fuel usage, extremely poor headlights etc.
These things can't really be sussed out at inspection because they happen mainly due to wear and tear and age.
And no, the MR-S would not beat the R33 in a race but its new, reliable, and lightweight means I can chuck it around corners with abandon. Not to mention it does 7.5L / 100km.
The modification path is definitely there as there is fairly strong tuning support (Top Secret turbo kit anyone?) but frankly I'm going to leave it pretty much stock and enjoy a new car which shouldn't have too many issues in the 2-3 years I will own it.
Anyway, each to their own. We are getting off topic and could argue forever.