Very well
I had a 20' Cobalt, I now have an '05 24' Cobalt (240). I can run it all day long, at speed, in all but the worst the lake has to offer. As always, IMHO, the Captain's knowledge of the conditions and performance of his/her boat contributes greatly to ride quality (i.e. a lousy captain can make the best boats ride lousy).
The newer models in that size range 232, 242, 262, etc.. have much higher freeboard and ride even better than the lower-slung, sleeker, early 2000s models (226, 246, etc..).
There is a dealer in MA that sells both Formula and Cobalt, and will demo them for you back to back, I recommend doing that if you get hung up on a few models.
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