I can't comment on the 1.6 as I drive a 2.0 TS (02 reg). The early ones like mine are meant to be a harder ride that the face lift models.
As for what to look out for generally -
Regular oil changes
Cam belt & tensioner changes every 36K Variator usually by 72K
Water pump by around 80K
Tatty looking rear box on exhaust
Uneven wear on front tyres - alignment needs checking fairly regularly
My main expenses I've had are slipped cam belt - expensive
Blown head gasket caused by thermostat going - expensive
Rear catalytic convertor went around 60K
My only key died on me - very inconvenient - took a week to get sorted.
ABS / VDC warning lights - can be a number of things - mine was caused by a faulty brake light switch - not expensive.
Intermittant non starting was caused by a crank shaft sensor - not expensive.
The negatives are far outweighed by the positives of driving her though.
Shop around - there are some bargains to be had so make sure you get the right car - try to get one with leather (I didn't & that was my only regret with mine).
Hope that helps - there are other things that fail, but that's what I've come across in 3 years of ownership