Your'e certainly right about the exhaust flap being a problem as mine was bought new and exhaust replaced under warranty after about 18months for that very problem.
As I said it was great fun for short drives, reving the nuts off it certainly put a smile on your face. But, a daily driver it was not nor a motorway car as it gave you headaches with the constant drone from that exhaust. The MX5 is a lot quieter and more user friendly which is why we have gone back to one.
To answer Howards question, yes it does everything you want apart from the doggy bit. Cheap to run, very reliable, just take it to local garage for service once a year and drive and forget.
Sir P