This is the purest water-cooled Porsche I've ever driven. It almost has an air-cooled personality, but with the modern amenities you'd expect from 996-992 models.
Things I like: cable wire throttle feels like a go-kart. Mechanical latches, stripped-down weight, no traction aids, halogen headlights, ease of service (post-IMS/RMS repairs), and resistance to various driving conditions. The 3.4 flat-6 is very rev-happy and significantly more reliable than the 3.6, with little to no bore scoring issues.
Things I don't like: no cup holders; mine didn't come with an LSD (which is rare), and those weird insulation foams coming out of the AC vents (a common issue on 996/997s, apparently).
Can't say enough positive things about this generation of 911. I used to dislike the '98 Boxster headlights (the orange fried eggs), and I was part of that camp myself. But nobody has the right to criticize the 99 headlights. After all, these lights helped light the way for the GT 1 to win Le Mans in 1998. So if that's still a reason for anyone to hate the entire car, they should build a bridge and get over it.
My one reservation: interior quality could have been better, but the fact that parts are cheap and readily available is a huge plus. The interior design was once criticized, but it has aged well, and everything falls into place when you drive it daily.
I can't praise the 996.1 C2 enough. I'm definitely keeping this car since it's a clean example with 145k miles. It's a blast and a complete bargain for a rear-engine 911 under $20k.
If you're in the market, a 1999 base Carrera C 2 with complete service records, IMS/RMS done, and LSD (if available) is an incredible deal at any mileage. It's almost certain to become a classic and is definitely worth buying right now. The dual-row IMS has a failure rate of less than 2%, so even if it has been serviced every 99, it's not a big concern.
Among all the hate for the 996, the 1999 C2 is the best option outside of the Hans Mezger flat-6 engines found in Turbo and GTS models.