Well, its no secret that the current clad Corolla is well over-due for its model year makeover. Toyota has now hung onto the current design, extending the conforming, utilitarian, and conservative (read: boring) outlook for 2 extra years. In some circles I have heard this to be a really interesting strategy:

1. Civic/Mazda3/Lancer are all enjoying a facelift late 2005 Impreza hits the scene in new-dapper present, mid-2006.

2. Celica is retired, RSX is hung, Civic SIR/TypeR is introduced in respective domestic markets, WRX/STI/MazdaSpeed3 readily available

3. Yaris making a nill impact with the dealership offered ‘aero package’ For those that absolutly unaware of Toyota’s new “flagship” sports compact, let me paint you a picture:

Yes, get a good look at that rear. This thing doesn’t have enough horses for you to see it again once you’ve passed it.

WTF is up with Toyota? are they too busy ENJOYING WORLD DOMINATION WITHOUT A SPORTS CAR? WTF???????
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Not content to build a 350Z GTS, Nissan may be planning an all out assault on the sports car world with a V8 powered monster rebadged as the 450Z. Pulling a 4.5 liter V8 from the Infiniti stable, this beast could produce 400 hp. There is even talk of 4 wheel drive! Presumably this car would slot in somewhere between the 350Z and the GTR.
Story from Autocar

pic from Turboblog