Nice choice, I have a penchant for S2's myself.
Toyota engine (or honda, even better!) ftw, the k series was a disaster and is known to give trouble. Head gasket failure is quite common.
It is not a practical car, nor is it the most comfortable. There is room for a folder in the boot. The seats in the S2 are more comfortable though. Getting into them is a challenge with the roof on, leg, head, ar$e, leg

If you are the shy type, don't buy one

I could go on forever... Have a lurk around octane and seloc, you'll get plenty of info there.
To sum it up, I would not drive one as an everyday car, but I would have one as a weekend car in a heartbeat. I've never been in a car that handles so well, commits so much to corners, to the point that you actually feel safe in it (the size of it how could you!).
Have you had a gawk at the 220's as well, pretty much the exact same car, same chassis, just different body.