The Corolla has the best Hwy/City rating of any car it its class.
If you can find one with the right packages, the lower models can be equipped selectively the way you may want them without having to jump up to the larger engine which causes you to lose the benefit of the high fuel economy.
The 2009 LE trim line can be equipped with ABS, Traction Control, and Stability Control for very little extra money. Note: The LE does not have rear disk brakes (a detraction, in my opinion, but not enough to be a deal-breaker).
Since the 2010 model is coming out near the beginning of the 2009 model year sales cycle, Toyota is offering $1,000 cash back on the 2009. Not common on any Toyota, let alone the Corolla.