I'm torn, but overall happy with my 98 S70 T5M (58K miles).
Like Vlad, I have a noisy throw-out bearing so the clutch groans.
My bulb out light has recently started to come on about one third
of the time. Rattles aren't too bad but cold around here
is 40 degrees F (4.5C). (The steering wheel creek can be cured
with some grease where the steering shaft passes through a rubber
seal at the firewall.) When I pull on the door handle from inside
the car the door won't open if it is locked (latest problem).
I've replaced the blower motor for the fan, upper motor mount
(dealer says its a "wear item" now) and a couple bulbs (but overall,
no real bulb issues and I never had the recall applied for them).
It leaked oil from the factory and had a bad rear seat catch from
the factory (dealer fixed both). The first radio had to be replaced
due to failure to eject a CD (I just dropped into the dealer and they
swapped it). A good dealer sure helps.

Mine has also gone through a lot of tires (I'm on the third set)
but a T5M can pretty easily shred tires so thats really my doing.
I drive it hard and like the way the car handles and rides (as far
as FWD goes, it is pretty good). I put 55K on the front brakes
and they had more life left in them.

I like the engine. I like the overall size of the car (not too big to
rule out as a solo-driver commuter car yet big enough for a family
of four weekend trip). I like the fact that it is easy to work on
(compared to many newer cars). I like the gas mileage. I love
the seats. The safety factor is important, too. I like the fact that
it never leaves me stranded and the power-train seems pretty solid
(throw-out bearing aside). I like the large trunk. I like the upright
seating and the view out of the car (other cars seem cramped in comparison).
I like the leather interior that still looks new and wipes clean.

Bottom line: I'd buy another one but I am careful about recommending them.

By the way, my neighbor across the street has a 98 S70 (base model with
an automatic). They love theirs. Only problems they seem to
have are short bulb life (and Volvo did address that). They purchased
their's used. Also, within 2 blocks of my house are 3 other neighbors
with S70s (and as many 850s). Volvo are a very popular car here in the
San Francisco Bay Area.