I have not driven the 1.4 so can not comment, the chasis is exactly the same though.

VCT it Variable Cam Timing which allows for better low down torque than a normal 16v engine. It makes you think you have a bigger engine than a 1.7.

The 1.7 will do 30-35 mpg and insurance can be quiet low if you shop around.

Anything is better than a Corsa!!!