Hi Rajani,
Yes! The polo is around the corner... and is expected much before its scheduled date (Jan/feb-2010).
Yet there no news about Polo's specifications and all ( at -least I have not seen/read any). But I have seen 2 while polo been driven on high-ways, mostly that would have been for test-drive but the car was not covered.. and I happen to see it a bit late, when it passed by me, else would have definately stoped it. :-p
In my opinion, as it is going to be WV and Skoda involved... the build quality would be superior but the car cost and cost of the spares will be higher (as like skoda-fabia). Sales-service would be handled by VW and Skoda, so you can search about their service about existing cars.. 
I do not know about the space, but it looks like it would be 4 ppl comfortable car..
By the way, i got i.20.
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