Consumer Guide got 0-60 in 8.8 seconds with a manual Element. That 8.4 second figure could be about right depending on the source.
http://consumerguideauto.howstuffworks.com/2005-honda-element-1.htm
I own a similar car, a 2008 CRV, with a similar chassis and nearly identical engine. Mine is the K24Z1, but the Element probably has the K24A1 or A4 or similar. Same basic engine, just slight tweaks here and there for the intended application. The engine is smooth and pretty much trouble-free. Some K24s from that era experienced galling of some of the camshaft lobes. That's been discussed here before, with some pictures, so you might want to search on that.
As with many Hondas, you'll probably find the ride to be on the firm side of comfortable, but you'll probably also find the handling to be on the nimble side of safe. It'll probably have good road feel, but will deliver more road noise than others. At this price point, you can't have it all. If it's like other Hondas, the clutch will be smooth and trusty, and the manual transmission will be a delight to use.
I don't know any Element owners who DISlike their cars, but I'd reckon that you have to be the kind of person who wants and will utilize the cargo room and versatility of one to really get into it. The Element isn't for me personally, but I can vouch for the power train and general chassis behavior. It's a Honda; it'll have a low cost of ownership, it'll deliver a relatively good fun-to-drive factor, and will take care of you at the gas pump as well. The major downside is that they hold their value well so you might pay more than what you think you should to get into one. I guess that's the cost of overall goodness at this price range.
Consumer Guide (link above) sums it up:
Quote:
Element isn't so much an SUV as a motorized gear tote for "active lifestyle" types. Though not designed for posh comfort or serious off-roading, it earns our Recommended label as a versatile, practical, and roomy little wagon with Honda's expected solid workmanship and thoughtful features.