I feel I must comment on a couple points. Having owned only GM cars since the late 70s, I take exception to the "inferior" comment. Literally ALL of the problems I have ever had stem from either high milage(my first new car didn't come along until '91)and the fact that I drive 'em hard, or issues that the dealer is to blame(on the new vehicles).
Statistics don't lie. Just because YOU never had a problem with a car doesn't mean that GM/Chrysler/Ford cars are reliable whatsoever. It just means that there's someone out there who's had MORE than the average number of problems to even out the statistics. It's also interesting to me that you're able to justify a problem because it was a result of "high milage" and "driv[ing] 'em hard." I'm not sure what problems you COULDN'T justify by those reasons - the problem is that both of those terms are so subjective (How high is "high" milage? How hard is driving "hard"?) that they're essentially meaningless.
Toyota, Honda, and Nissan didn't become huge in the US because people wanted them to - it was a long, hard-fought battle where they had to prove themselves to scores of die-hard American-only car buyers. It happened with cars in the '70s, '80s, and '90s, and foreign automakers are making quite a bit of headway into the truck market as well, which is the Big 3's last frontier.
For everyone that's complaining about this program being available to imports as well as domestic automakers, check out
Cars.com's American-made index. Only fifty percent of that fancy new Ford Fusion is American-sourced parts and it's assembled in Mexico. The Camry, on the other hand is roughly 75% American content (depending on how it's calculated) and is assembled in Indiana or Kentucky. So when you're buying that new car, think about in which countries your dollars are helping to create jobs.
One downside of this program is that non-profit organizations like Big Brothers/Sisters are seeing far far fewer vehicle donations since people are trading them in instead of donating them.