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The eagerly-awaited 2003 Toyota Corolla is now rolling into dealerships. Eagerly-awaited? Corolla?

Well, by me, and perhaps a few of my fellow reviewers, anyway.

There’s honestly not that much to get excited about in an economy-oriented compact, especially if you’re a luxury-oriented extra-extra large, as am I.

Still, this is a very important car for Toyota, and, they hope, a few million Americans over its lifespan; thus it’s actually worth more critical attention than something like the Hummer reviewed here last week.

The preceding generations – EIGHT of them – have racked up more than 25 million sales in the 142 countries in which Toyota does business, earning it the title of the world’s best-selling nameplate.

The first Corollas came to the United States in 1968, and the early ones were small enough and, let it be said, flimsy enough to be little more than laughable to the domestic car producers. But with its gift for learning from its mistakes, and an unheard-of short product cycle, Toyota was soon in a position to capitalize on the fuel-crises-inspired recognition by Americans that maybe 5,000-pound cars weren’t the smartest way to go.

Freshened two seasons back, the Corolla in its 2003 manifestation is totally new, following the trend of growing larger, though in meaningful directions. It is longer, taller and wider than its antecedent, having grown out of the subcompact ranks, and the chief beneficiaries are the sardines who are relegated to the rear compartment.

It’s still a compact, now with a 102-inch wheelbase and interior volume of 90 cubic feet, so second class isn’t a party room, but is now survivable for two adults of modest proportions. Put three sprouts back there with trepidation, never mind that there are three, three-point seatbelts.

A six-footer will manage behind the wheel, but the lack of legroom will mandate relatively short trips. Headroom was not an issue, at least in the version I tested, which lacked a height-stealing moonroof.

The new Corolla looks more substantial, more solid than its predecessors. It has a considerably greater expanse of glass, which brightens the interior, makes it look more massive and doesn’t hurt visibility.

The “little crown” is issued in three series, all four-door sedans: the value-leader CE (starts at $13,855, sans freight); the allegedly sportier S ($14,515) – you can get a spoiler on this one to show just how sporty it is) and the fancier LE (by its fake wood shall ye know it), $14,680. All those starting prices are with the manual five-speed transmission. An automatic (this year, thankfully, a four-speed) will set you back $800.

(I’ll soon be reviewing the Toyota Matrix, which, along with the nearly-identical Pontiac Vibe, is derived from this same platform, although with more eye-catching “cross-over” styling and much more interesting powertrains.)

Even the base-level car comes with filtered air conditioning, rea r defogger, AM-FM-CD four-speaker stereo, power mirrors, intermittent windshield wipers, daytime running lights, outside temperature gauge, remote trunk lid and fuel-filler releases, power steering and brakes, 60/40 folding rear seats, tilt wheel, clock, delayed dome light and cupholders and coin holder. Whatever happened to the old “stripper,” on which even a clock and cigarette lighter were extra, and air conditioning was unheard of? (I date myself.)

Seriously, the CE is an awesome value. The only clue to the car’s low-end mission is the black side moldings (color-keyed on the more extravagant levels), and you could hardly call that a privation.

The LE and S series have a few more goodies and a bit more eyewash, but mechanically they offer only one advantage over the CE; their tires are 195/65/15s while the CE’s are slightly narrower 185s.

Every Corolla is powered by the same four-cylinder, all-aluminum, 1.8-liter twin-cam, 16-valve engine. It produces 130 hp at 6,000 rpm and maximal torque(125 foot-pounds) at 4,200.

While those numbers might not get the juices flowing, here are a couple you can take to the bank: 29, 33. Those of course are EPA’s estimated fuel economy ratings (city, highway) for a Corolla with automatic transmission – add a couple of mpg for a five-speed. Even Al, the petroleum industry’s pal, got 31.7 in suburban and exurban hill-climbing. Needless to say, 87-octane is quite enough, thank you.

The automatic LE weighs 2,590 pounds. Straight-line performance is thus in the leisurely range, a bit over 10 seconds from 0-60.

This commends it as a “kid car,” and does not disqualify it as a mount for us superannuated folks, either. The four-speed automatic is at once geared quite aptly and programmed to switch gears as soon as it detects the engine needs more revs to execute commands from the bridge. Overdrive inhibit is via a switch on the console-mounted shift lever; a light amid the instruments signals its invocation, though no gear readout per se is provided.

The engine is a bit noisy, most of the racket deriving from the intake, which roars as the throttle is opened more than a third. Being a four, it is not particularly melodious on the other end, either.

Overall, the car is a bit noisy, despite its excellent coefficient of drag (0.296). A few more pounds worth of sound-deadeners would be welcome.

Handling was quite good for the class. It doesn’t feel at all crisp, but it responds nicely to steering inputs and manages to find its way down the freeway without excessive prompting by the driver.

Ride quality is also quite good for an inexpensive compact. Minor pavement problems are more heard than felt, and the suspension doesn’t run out of travel until pressed unreasonably hard.

In a somewhat retrograde move, Toyota has switched from an independent rear suspension to a torsion-beam style. The tradeoff is presumably better ride (and lower construction cost) for a little less handling.

Brakes are ventilated discs front, drums rear, antilock only optionally available. The test car lacked antilock, but nonetheless was stable in high-rate “panic” stops, with good modulation, and managed the feat in a comfortable distance. I’d still recommend the ABS, especially for novice drivers. Neither the Transportation Department nor the Insurance Institute has sacrificed a 2003 Corolla yet. Pity; it will be interesting to see how much improved it is over the 2002, which had mere middle-of-the-pack ratings.

Assembly quality was very good on the hand-picked specimen I had. The car is made at the California plant operated by the General Motors-Toyota co-op, New United Motor Manufacturing. Base price on the tester, an LE with automatic, was $15,480. It also had cruise control, rather dear at $250; all-weather package (heavy-duty heater and rear-seat ducts), $70, and five-piece carpeted floor mat set, $132. Total, with freight, was $16,417.

You could run up the price by opting for such options as the leather package ($1,050), moonroof ($750), side air bags ($250), antilock brakes ($300) and aluminum wheels ($390). Pity Toyota didn’t see fit to put antilock on all Corollas, which it could do fairly cheaply.

Payments on a car identical with the tester would be $333, assuming 20 percent down, 10 percent interest and 48 coupons.

Unfortunately, because of its newness, the Corolla is going for sticker, according to Edmunds.com, which surveys transactions nationwide. But it’s worth every penny.

“The Gannett News Service”