Hi, I'm a Ralliart Colt owner. I've had one for a few years and have a few modifications. I'm a big fan of the Mazda3 MPS also, though I thought it could have been $3-4k cheaper brand new, and then it would be a lot better value; either way still a cool car.
I've read this thread once a while ago, and now since ANDY has been here, and seeing all the responses, I thought I'd throw in my 2 cents. The Mazda is obviously a more comfortable car to own. There is more passenger room in the colt however, albeit for 4 people, which is the one advantage of having a roof the height of the Eiffel Tower.
The Tsukuba test track in Japan is a fair bench mark (in my opinion) for how well balanced a sports car is, with a good combination of speed and handling being measured. You can see on this link
Tsukuba lap records - FastestLaps.com
the following times:
Mazda 3 MPS: 1:10.27
Mazda 3 MPS mk2: 1:10.95
Mitsubishi Colt Ralliart Version-R Special: 1:11.12
(which is the Oz version)
and you can see where a lot of other hot hatches sit as well.
Also, Ralliart threw an LSD in the Colt Ralliart
YouTube - ‪COLT RALLIART Version-R Special movie001‬‏
and it managed a 1:09.93
So yes, of course the MPS has the win on comfort, and yes, you can certainly get more power out of a 2 litre turbo than a 1.5 litre turbo. But stock against stock, purely based on performance I don't think it's fair to say it's in another league. Sure there are big advantages to owning an MPS (maybe the looks, comfort, stereo, road noise), but performance motoring isn't one of them.
And regarding the market for the car... I bought mine because I love light-weight sports cars, eg. Lotus Elise, Clio Sport, but this one is cheaper, has heaps more room for my 2 massive dogs.
The good thing about both of our cars is that it has that perfect level of power and handling such that you can use at least some of it when you're driving around, unlike with an Evo or STI etc... where you can only ever use 30% of the performance and handling on a regular basis.
cheers,