Have you actually driven them around yourself?

I've driven the S40 about as much as anyone else who doesn't own one -- my Volvo dealer, when customers bring their Volvos in for service, offers these as loaners. After four or five times, though, I've asked for the S60 instead, and they've obliged me.

It's certainly not like my own Volvos (three 240's) -- which are greenhouses compared to the S40.
The main impression of sitting in an S40 is cramped (e.g., dash up right in your face, claustrophobic padding and consoles surrounding you so you can't really move around, low roof, etc.).
And visibility is attrocious -- my main complaint and the one I use to justify asking for a S60 loaner instead. Your forward quarter line of sight is blocked by the A pillar, as is your side and rear vision by the B and C pillars. I guess these wide pillars are to provide room strength and side instrusion protection, but they really make a view of the traffic around you a mystery -- you really need your mirrors expertly adjusted just to change lanes without fearing someone in your blind spot (happily, the power mirrors are well designed and positioned). And parallel parking is virtually out of the question.

An S60 is not great (compared to my 240's), but is SO much better, viz. visibility.