Just came across this thread and wanted to add a datapoint. I've had my 2003 Solara (coupe version of the Camry) 2.4 I4, 5 speed manual for about 2 years now and consistently averaged ~27 mpg in mixed driving and ~33 when i take it out on long road trips based on calculating miles per gallon used when I fill up. Stock tire size that is probably reasonably accurate on the odometer, no scangauge, no elaborate driving method beyond trying not to hit the brakes when I don't need to. Just jump in it and drive. The coupe actually weighs more and has measurably worse aero than the sedan so I think with a good technique and some light body mods high 30's to maybe even 40 mpg seems obtainable for these cars..
When the weather is nicer I prefer to drive my 90 Corolla wagon though. In town the corolla averages mid 30's and gets about 38 on long trips, but it is lighter and more tossable to drive plus the added utility of the wagon when I need to get large items. Because I can't leave things alone I've actually been laying the ground work to transplant the entire drive train from the Solara into the Corolla. Everything from the ECU and engine through to the wheels will be moving over basically intact. Parts of this swap have been done on assorted combinations of cars that have close enough similarities that I'm confident it will work out. And those two years of welding classes I took in community college will finally be put to use. I'm thinking that moving the 2.4 into a car that will be about 800 lbs lighter will still net me comparable economy to what I got from the old 1.6l, but add a lot more driving fun and I'll be able to have a/c again
I don't want to begin the swap until the Corolla gets a bit more worn down but I'll be sure to open a build thread about it here.