Launch of "Nano" - (new 1 lac car) by Ratan Tata was a frontpage news on almost all newspapers. Ratan Tata mentioned it was a promise made by Tatas to the people of India. Moment Nano was launched there was lot of controversy surrounding it, which made it even bigger event.
Some people said it should we banned in Mumbai, since all Rickshaw owners might replace their rickshaws with Nano. There is hardly 10-15k difference in price. Question is are you ready for Nano as a replacement to rickshaw. IMO, it would be interesting.
I definitely think this car will fulfill the dream of many lower middle class of owing a car. There were some speculations regarding safety of Nano. But i guess any car that satisfies Euro safety norms should be considered safe.
Only concern about Nano, since is offered at very much afforded price, lot of people buying this vehicle will lead to increase in traffic levels. It is just going to worsen the current bad traffic condition.
Everything thing has some good / bad side, Nano is not an exception. So i guess some people will like to have this car and for those who don't should stay away. In my opinion Nano will be a good city vehicle, being small in size easy to park :)
To end i would say only future will tell if this car will be successful or end up like other small cars like Matiz.