Yes, when mine is running well, it's a dream......

But in answer to your questions....

1. I thought they were all turbos, too. Why do you think it isn't?
2. I don't know. But before I forget, do a Brickboard search for "bevel gear". This AWD component has been particularly troublesome. And expensive to fix. Also appreciate that all your tires must be exactly the same diameter, and if you destroy one tire you need to buy a set of 4. the other advice I could give is that if you do buy it, also buy the Volvo VIP extended warranty and consider getting rid of the car before the warranty expires.
3. SE= "Special Equipment" usually means very well appointed with sunroof, leather seats, wood dash stick-ons and as you say a wooden-and-leather steering wheel.
4. I think it will still be worth more than $10,000 but note that Volvo dealers are already selling most of the 2004s (except the XC90 and Rs) for around invoice, not the sticker price, and it's only July of 2003. The price drop you saw is mostly because the market is flooded with ex-lease cars and it's likely to continue to be flooded with ex-lease cars for the forseeable future. FWIW, GE abandoned the car leasing business because the residuals they needed to put on the cars to be competitive were a pipe dream. Only the car manufacturers can buy apples for a dime, sell them for a nickel and make a profit on the volume. Oh, wait Ford isn't making a profit, is it? Anyway, the problem isn't that it's summertime. IMO, of course. Also IMO if the maintenance-intensive S90 didn't bother you, well, the XC running cost may not bother you, either.

-Punxsutawney Phil

'98 V70T5M, 122k mi., iPd stabilizer bars, Volvo strut tower brace and skidplate, Valentine-1, Mobil-1 always, E-code headlight lenses, Dunlop SP5000s

'86 944NA (that OTHER 944) 58k mi., factory HD sway bars and Fuchs forged wheels, Valentine-1. E-code Hellas, Yokohama AVS ES100s

"You have to get a car that handles really well. This is extremely important, and there's a lot of debate on this subject about what kind of car handles best. Some say a front- engined car; some say a rear-engined car. I say a rented car. Nothing handles better than a rented car. You can go faster, turn corners sharper, and put the transmission into reverse while going forward at a higher rate of speed in a rented car than in any other kind. You can also park without looking, and can use the trunk as an ice chest. Another thing about a rented car is that it's an all-terrain vehicle. Mud, snow, water, woods, you can take a rented car anywhere. True, you can't always get it back, but that's not your problem, is it?"-P.J. O'Rourke