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I think this is rather practical in comparison to the 340r. A mate's client has one, and the only thing that pisses him off is rain. Everything else is just fine.
The normal elise/exiges are quite practical actually. Slightly bumpy and not much luggage space, but in London there are a LOT of them being driven as daily drivers, so they cannot be that bad. Small is good here.
A mate of mine has the Elise, it's just too tiny I'm 6'7 and so it's impossible for me to get behind the wheel of the car and actually drive it.
However he has taken me for a spin, the ride and the seats are just fantastically hard plus the engine is so close to your head the noise rattles your brain.
I think they'd be ace on a track, they're very quick and razor sharp on the corners but distance driving or being stuck in traffic must be horrible.