Mazda 2 should be compared to Honda City VTEC (16 valves) but not Honda City i-DSI (8 valves). Honda City i-DSI does not have ABS and airbags (see http://www.honda.com.sg/hondaclub/price_city.cfm) but you get these in Mazda 2. As for the FC, a friend driving Mazda 2 quoted 13Km/L

but I am not so sure about City. Both are also made in different countries.
I have been eyeing Mazda 2 for some time and is almost giving up by settling for another less exp but Japanese-made cars. Mazda is really over priced

at the moment. For the same price of Mazda 2, you can get a better and larger Jap car. As for Honda City, you actually pay for the brand rather than the car.