My 5 year old S3 is brilliant and no longer leaks (much) but I do sort of agree with the comments. There was too much wrong with my car when it was delivered (and it was a demonstrator before it got to me, having been in the showroom for a few months). I have to blame both the factory and the dealer - and especially the dealer.
I have the bubbles around rear lights and one side exhaust did unweld itself (fixed in 30 mins for £70 though).
It is true that the paintwork and protection is sub-standard for a day-to-day car and the wipers, and heating and ventilation are not exactly brilliant either.
It would be nice to have reclining seats too, though I like the fixed seats. I also had problems with central locking (replaced by factory and no problems since).
But for the feel-good factor and admiring glances / overall satisfaction over 5 years I'm pretty happy with it and have no regrets. For £1000 I should be able to sort out the paintwork and will probably do that in a year or so. Overall though and unless you really peer at it the car still looks almost new inside and out. Overall reliability has been fine too, with only some hose issues that caused a water loss fairly early on.
It's all very well moaning but the realities of running a company like Morgan are probably more hand-to-mouth than any of us like to believe, and I'm sure they'd like a better paint shop and ability to test vehicles but I bet the sums simply don't stack up.
Perhaps that's why cars like the M3W may make more sense going forward - keep it simple and cheapish and make it abundantly clear the cars are really nice toys rather than useful transport. The M3W has essentially been tested and improved by dealers and early customers as seems to be the Morgan tradition, and luckily seems to have just about worked as the new cars are a lot better than earlier ones.
I agree about the magnesium issues - aluminium should probably be perfected instead. There are good reasons that most manufacturers avoid magnesium and most have looked at it...
