Yes they are fantastic.
I have just changed from a Octavia vRS into one.
So far I havn't stopped smiling!
I did look at the 182 cup (you can see the one I looked at in the back of the picture below) / trophy* as well although I simply was not comfy in the 182 at all (this was mainly because I looked at the 197 first, going from a 197 interior back to a 182 is almost like night and day (in terms of quality and comfort).
* I didn't bother with the trophy after realising I wasn't comfy in the 182 cup and I actualy couldn't find one.
Here is my one:
In terms of performance well it pulls well despite lacking torque however it really comes alive once you hit 5500rpm and pulls all the way to the redline (or the shift indicator) screaming as it goes.
Handling is spot on and inspires you to just chuck it into every bend you come across.
I did toy with the idea of the 197 cup however after looking in one and seeing how much you lose in terms of interior toys (the main one being air con) coupled with the fact I couldn't actually tell any difference in terms of drivability I decided it wasn't worth it.
My advice if you are thinking about getting one is try out a couple and see if you actually like it or not.
@ Spaz - Do you run your 197 on high octane fuel? (ie Shell v-power) I have noticed with mine that the flat spots I questioned before arn't quite as apparrent and it appears (at least from checking on the trip computer) to be more frugal when using high octane fuel.
So yes its an excellent little car and definately worth a test drive.
Oh and as a personal comparison I have found the 197 to be akin to a Suzuki swift sport (ie bags of fun) only more powerful, better built, more refined (relatively of course) and imo better looking.