I assume you are on about the normal 1.7 rather than the Ford Racing Puma.
I have recently purchased an R (98) plate standard 1.7 one and it's a fantastic little car. I was pleasantly surprised by not only how well it accelerates for only 123bhp, but also how easy it is to chuck it into a corner and actually come out the other side having not crashed and/or shit my pants.
The pitch doesn't change with the variable cam timing like a VTEC does as it's more gradual and fluid. 1st is utterly pants in them though as they have a torque limiter built into them to prevent too much wheelspinning, but once you're into 2nd and about 3.5-4krpm, it's alright. Mine pulls very well through to the 6.5krpm limiter and the gearbox is simply awesome. They're useless on fuel too if you're not easy on the loud pedal. I put about £45 of UL into mine and get 220-250 miles out of it.
I'm not saying it's the best car ever, but for the price you can pick one up for £1000 for a green one) you simply can't fault the giggles/£.
EDIT:-
Forgot to say, problems to watch out for:
-Anti-roll bar bushes are shit. They're cheap to replace though.
-Rusty rear arches. The liners are crap and trap a lot of dirt behind them. Rusty arches is commonplace in 'moist' countries.
-Stonechips. Pretty much every Puma has them. Ford used some odd paint that isn't very resistant to chipping, meaning the front bumper and bonnet will most likely be peppered with chips.
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