They're very upgradable and can be made very fast with ease. The stock exhaust is the biggest hinder to it's performance... it's the bottleneck. The car has 3 cats... including one BEFORE the turbo. The stock downpipe is another major restriction... it is so pourly designed that it makes a 300ZX TT precat look good. The stock WRX downpipe doesn't have an exhaust opening for the wastegate... just a flat plate! The exhaust being dumped through the wastegate hits that plate and has to turn 90 degree's and squeeze through a 1/4 inch gap to reach the exhaust pipe. Get a full 3" downpipe, 3" cat-back exhaust, and an uppipe (replaces the cat before the turbo) and the car will fly!
As far as the looks... they'll grow on you. Check out this one...