Posted this a while back, giving my thoughts. The short version - if you don't desire significant creature comforts, and place a high value on utility - it's an awesome vehicle with few equals.
To add to my earlier report - I'm also a believer in the safety of the vehicle. Ours was totaled a couple months back - we were hit from behind at 45-50MPH by a full size truck, while we were at or near a stop. The Element saved our bacon...rear crumple zones worked beautifully, crunching with almost perfect uniformity right up to the passenger area.
That being said - we're replacing it with an Outback. We'd have considered another Element, but wanted to buy new for our daily driver and it's been discontinued. Wife is happier, as the Outback drives far nicer, has leather/heated seats, etc. - but with much less utility. We're giving thought to selling off our 124 wagon and picking up another Element for use as a 2nd vehicle.