I like the 2.3 T5 variant for all the things it is 'less refined' at, those that give it character. A mate recently asked my why I was selling my Focus XR5 to buy another V70T5 - the answer is simply nostalgia and character.
The XR5 is a 'better' car in probably every measurable way, and the XR5 I had was really well sorted and very quick. I want another V70T5 because I remember watching the 850 wagon in the BTCC, the first actually really nice car I bought for myself was a 1995 850T5 wagon (in 2004).
The V70 is just a refinement of the 850 and a V70T5 is essentially, mechanically, an 850R - its still typical of any 90s turbo car, a bit raw, a bit laggy and doesnt have the 'instant on' of newer stuff, so it has character in droves.
Styling is about the peak (ignoring P1 cars), of really good definitively Volvo styling before (in my opinion) Volvo lost their way. You still pay attention when a nice one passes on the freeway and despite being over 20 years old, it's awesome that Volvo enthusiasts still call them 'modern'
Power delivery of the larger capacity LPT cars is much more linear (arguably better) but I think the shove in the back that you wondered if it was ever coming is part of the appeal.
So, for me, there's way 'better' cars out there but they've got some appeal that draws me back in - amongst a raft of other cars, I've had an 850T5 wagon, an S70T5 manual, and the car I picked up before christmas is my third V70T5.
