It'll all depend on the chassis balance of the Corolla and the handling dynamics.
The engine is excellent, that's a given. Head flows better than a ITR ( http://www.alaniztechnologies.com/typervs2zzge.htm l)
Won a award in Europe last year for best engine design in the 1.4 to 1.8 litre capacity segment. etc etc. The 2ZZ-GE is a modern day cousin of the 4AGE.
Australian reviews on the current Celica have been luke warm to say the least. Go read about them in US publications and they get rave reviews. On paper, the power and torque outputs were pretty line ball with the previous ITR, the chassis, gearing and lack of front factory LSD were the things that let down the car.
In short, the car's got potential, just wait and see if it's good enough stock compared to it's immediate competetion.