My 2011 Versa S 1.8 hatch I got since Jan 2011 has been reliable so far, about 8000 miles, and I don't drive it like grandpa style, I kinda thrash it a lil bit, might explain my 18-20 mpg (4 speed auto). The only issue was a rubber bushing that fell off, and create loud clicking noise when the AC was on, their warranty pretty much covers everything, except wear and tear. Mind you, a car this cheap, the paint ain't that resilient, unless you take the time to prepare it for the outside world LOL. My car's paint is suffering right now, no garage, under trees and birds, rain everyday cause of the mountains, and hot sun during the afternoon. The only chance to wax it is after a car wash at 76, (cause I have no hose or water tap or facility to use my NXT wash :/...) and I hang out at the station and wax cause they got cover. Suspension could be better, especially on bus lanes and bumpy roads, but highway driving and mountain driving are fun, a lil bit of roll, but it feels sturdy. The engine has been reliable so far, and it can handle good speed and acceleration, feels quicker than it is, I usually drive 70-80 mph on the highways, as long as the road is smooth, no issues with stability, engine noise is a bit loud, but it's a cheap car. The interior is VERY roomy, I had to move recently, and I figured out that the front passenger seat can fold flat backwards, I was able to fit 2 100lb duffle bags of clothes, 2 37" HDTVs, 3 desktop towers, 4 file boxes of stuff, and other small items. Also, with the front seat flat, you can sit in the back and relax with your feet up.
Also, you need to splurge onto the Versa SL for the Ipod connector, if I'm not mistaken, not sure if2012 has the connector for the S, but 2011 didn't have it. Not sure if dealer can install, don't think so.