What Toyota IMO should do is have a crazy sports car with a lot of potential a la 350z/370z and have a car like the 240sx (being the FR-S). Mazda sorta has this with the RX-8, but that isn't a highly modded car. On the other hand they have the MX-5, which is a very much liked car.
Toyota either had a low variant (AE-86, Celica, MR2) or a really high variant (Supras 89- 98) Really Lexus is the one in charge of the ones in the middle Soarer, Altezza's, etc. But here in the states, it is so rare to find one manual.
I think Toyota/Scion are doing a great move on focusing on that low hp FUN TO DRIVE area, but I also think they should focus on the meduim range to really compete against the 350z/370z, Mustang, Camaro, Evo's and such.
Just my 2 cents