The first generation MR2 was sold from 1984 until 1989. It featured an I4 engine, and also a supercharged version of that I4 engine. Its performance was excellent, thanks in large part to its light body and balanced weight. Part of the development of the MR2 was a joint project between Toyota and Lotus, and its clear that the MR2 was inspired by the same principles that have made Lotus synonmous with lightweight performance.
The second generation MR2 was sold from 1990 until 1999. The base engine was now a 2.2 liter I4 making 130 horsepower, while the performance engine was a 2.0 liter I4 making 200 horsepower. The performance engine was turbocharged. Perhaps the major fault with this model was that its cornering ability was too good. It led many an experienced driver to take tight turns a little too hard and oversteer into a spin. This car may have had the most cornering ability for the buck ever. Many car magazine reviewers considered this a negative, as many "commoners" were able to afford this car despite little experience with that kind of cornering, which had previously been reserved to the supercars made by Porsche, Lotus, and Ferrari.
The MR2 Spyder was sold from 1999 through 2007. It featured a 1.8 liter I4 making 138 horsepower. It was the first time the car was sold in the United States with a true convertible top. It still had performance similar to the previous model, despite the horsepower drop.
It is possible that Toyota is testing a new MR2, based on spy shots taken outside a Toyota test area. There has been no confirmation from the company on this.
The MR2 has retained its value quite well, and they are still very popular cars among tuners and those look for some cheap thrills with a car that can hit the curves as well as a Ferrari. If you are looking to buy a used Toyota MR2, I suggest you check the listings on eBay. My (not so) secret tip: find the auctions that end at odd times, like 3am on a Tuesday morning in the United States. The heavy bidding often happens at the end, and you can get some great deals when no one else is around to compete with you.