Contour, even the SVT does not measure up to the Cobalt SSSC in any category except that it is more comfy, I think the Cobalt even has a larger interior from the time spent in my sister's coupe on a trip out to the lake.
FWIW, the Cobalt SSSC is no drag car either, it's just faster than the SVTC. General goal for the auto industry is to make cars better each year ,so more than a decade after the Contour was released, it shouldn't be too big of a shock if it is no longer the top of the heap.
Keep in mind that these cars aren't -really- in the same class. The Contour may officially fall into the compact class, but it's really in the midsized class and not that different dimensionally than Accords and Maximas of the period -- 69"+ wide, 106" wheelbase, 2-3" shorter than modern compacts, etc.
The Cobalt is a large compact and not a direct competitor to the Mazda6 and Fusion as the Contour would be today. It's competition is the Mazda3, RSX, Focus, etc, which offer a different driving experience than a midsized car.
Raw track numbers aside -- which this thread HAS been about -- there are other elements that make a car strong at handling such as road feel and feedback, two of the Contours stengths that the Cobalt is apparently weak at -- I don't know from experience, but there are many, many experienced drivers and reviewers whom have this opinion. Big parts of that opinion are due to the electronically assisted steering, wheelbase and rear suspension of the Cobalt -- in my totally armchair opinion.
Compared to its contemporary competition in the midsized field, the Contour appears to handle exceptionally well -- if you can still find one that is in good condition, of course, which is harder and harder.
As this is a performance thread, this is slightly off-topic, but I want to point out how the Contour is still relevant as a well-handling car in a way that perhaps the Cobalt is not away from the track.