The information should be in your owner's manual in the back. It is not a 2.3T as that is the V70 T5. Your's, as your title says, is a 2.4 liter T (T for Turbo). so, the lesser of the horse power numbers...what was that, 220? Of course, you could get your ECU tuned by someone like IPD (www.ipdusa.com) or someone else and increase your HP by another 25-30 or so. If you do the downpipes, you could get a bit more on top of that and it will drive like the higher horse power car....but it's not really necessary. My wife' has a 2.5T...very similar to yours. It spools up quickly on the low end...much more than on the high end. I like that we can get on the intertate via the on-ramps very quickly. There is enough speed on the top end too...we aren't on the autobaun so it's not an issue here in the U.S. to have more power. The only modification I've done to her car (besides IPD antisway bars and heavy duty endlinks) is a K&N air filter which seems to give it just a bit more umph.
By the way, you'll get used to your car going like a rocket and adjust your right foot accordingly. The T5 will feel even more like a rocket than your car, and the "R" has 300HP, so it's a REAL rocket. Enjoy your new car and welcome to these boards!
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1998 S70 T5 Emarald Green Metallic, 2004 V70 2.5T Ruby Red, Previous Owner of Black '94 850 Turbo Wagon. My cars have been running so well lately they've got me worried.