I have a '97 V40 2.0...
Mine is thirsty, the engine is relatively noisy ( one my of colleagues at work had a 1.8, and his was worse from what he said ( I haven't driven his but he has driven mine and found my 2.0 significantly better and less noise, while I consider mine noisy)), and feels a little bit underpowered, though I've driven worse...
Practicality wise it's great, I have an amp + subwoofer in the back and even with that putting 7 people in was no problem, 2 people can easily sit in the boot for emergency's, you can put a lot in it... 3 people in the back is a little cramped but it's a small car... But luggage wise, you'll have no issues with luggage for 5 people.
Interior wise, it's a dated look but all the buttons are nice n big and simply do their job. There are nice little details here and there like a light in the passenger mirror or good interior lighting ( 2 front 2 back, footwells, etc), aluminum door sills, carpets which stay in place as they ''lock'' to the floor etc... The doors will lock after a couple of minutes if you open the car but don't open the doors as a security measure.
The gearbox doesn't feel solid but is very ''relaxed'' to use, most of them have some play but changing gear is effortless and it's nearly impossible to miss/select a wrong gear unless the bearings are worn.
The clutch pedal is quite hard, harder than average anyhow, which can get tiring and you'll rather put it in neutral after a while at the lights even for short durations.
The brake is very soft compared to most cars so it's not odd you have to press the pedal down quite a lot before it starts braking significantly. Aside from that pretty clear feedback, you can feel when it's about to lock up and make abs kick in and it's easy to release the pedal a little bit to get the grip back when the ABS is working.
The throttle pedal is responsive, but I personally think the 2.0 140bhp engine is a tad too slow for the car, so the 1.8 and 1.6 will feel worse.
Steering is soft, responsive (when doing chicanes for example) but feedback could be better, when you steer in too quickly&at an excessive speed and it understeers you cannot feel what angle the wheels are at any more.
Handling wise:
It has VERY predictable handing, it's nearly impossible to oversteer in normal conditions unless you really drive like a moron. If you steer in gradually it will have LOADS of grip even when you overdo your entry speed, simply steer in very gradually and it will feel connected to the road well, if you steer in too quickly it will understeer a bit, if you steer in too quick in the rain it will understeer VERY badly and having DSA ( traction control) is very helpful. You can bomb it down speed bumps on corners and it will not lose grip though so on un-even surfaces it keeps nice grip levels. The car stays relatively flat in corners ( not rolling over much).
Comfort wise:
Ride quality is what I consider quite harsh, but it could be worse. It feels solid though.
The rest of the comfort depends on the spec of couse, I have nearly all the toys the cars came with like heated seats, climate control, cruise control, traction control, heated mirrors, combi ( child seats) seats in the back, headlight wipers, etc... I think climate control, cruise control and heated seats make a lot of the comfort and the car would be FAR worse without it.
Reliability wise, there are a couple of known issues:
The nylon bearings of the gearstick wear after a couple of years, these are a tenner at the dealer and 20 minutes to replace though, if they need replacing you'll notice it by sometimes not going into reverse correctly. The Renault gearbox is considered a weak point in the car.
Engine wise, I have heard some stories about some HGF's on the 1.8, no idea about the 1.6. The thermostats often fail (open up too soon, causing the oil to always stay cold and high fuel usage) after a while and it's wise to replace it, they're also only a tenner at the dealer and only little work.
Electrically wise they're sound.
The rear suspension is weak point and a ''hanging arse'' is a known problem with these cars.
If it's been maintained well it will take A LOT of trashing without complaint though

. Mine has taken so much abuse and stays solid

.