(FORTUNE Small Business) – Now that Sweden's Saab is completely owned by General Motors, perhaps it is time to retire all those Saab jokes. (Like the one about how Saab is an acronym for "Sad Attempt at Beauty.") Saab gets more than its share of kidding--and that's not likely to stop with the launch of the new 9-7X sport utility, which appears in dealerships this month. Although it wears a Saab badge and styling cues and delivers a dreamy ride, the 9-7X is basically a dressed-up version of the Chevy TrailBlazer. It's even built in GM's Moraine, Ohio, truck plant rather than at Saab's ancestral home of Trolhattan, Sweden.

My seat time in the sleekly understated 9-7X was limited to a 100-mile drive in a preproduction vehicle on a course in southeastern Michigan near GM's proving ground in Milford. Still, I was immediately impressed by two features:

First, the 9-7X's ride and handling were superb. GM has tuned the Chevy suspension and lowered the vehicle by one inch. While it doesn't quite hug the road (ground clearance is still a hefty 7.7 inches), the 9-7X feels securely planted to the pavement and lacks the unpleasant jouncy feeling you often get in SUVs. Second, the instrument panel was vastly improved over that of the TrailBlazer. Engineers have stripped off the old Chevy gauges and cut-up dashboard sections that characterized GM design at its worst. In their place are attractive, Saab-crafted instruments, including aircraft-style air vents and a fiendishly clever cup holder, creating one of the nicest interiors of any GM model.

Step back from the details to look at the entire vehicle, however, and you get a different picture. Despite its attractive wrapping, this is an old-style, truck-based SUV that first appeared in 2001 and hasn't been significantly updated since. GM has pushed it up into the sub-luxury category by stuffing it with extras as standard equipment, including OnStar, XM Satellite Radio, and a choice between a moon roof or a rear-seat DVD system. In an effort to convince Saabistas that they are driving a true Saab, GM has moved the ignition switch from the steering column (as on the TrailBlazer) to the center console, where it is located on Swedish-built Saabs. Still, at around $40,000 for the 290-horsepower inline six-cylinder engine, or $42,000 for the 308-horsepower V-8, the 9-7X isn't a particularly good buy, and resale values are likely to be low because of its mixed heritage.

What's more, all the changes to styling and suspension can't obscure the fact that the 9-7X was an orphan at birth and is destined for a short life. GM hopes to sell some 7,000 a year until it replaces the 9-7X with a more modern crossover vehicle in a few years. Saab enthusiasts and others who are looking for a Euro-flavored SUV would do well to wait till then before they decide to buy.