Mine is one of the current production ones that people seem to call the "Fort Smith" model. I think they're made in Germany and assembled in Fort Smith, Arkansas or something like that. They're right, they are pricey, but boy do they shoot. Whatever ammo I've shoved into the mag has functioned 100%. Mostly FMJ I admit, but I've run a couple of mags of Remington HTP hollow points, and a couple with NovX 80 grain copper hollow points too. Those surprised me as they functioned perfectly.
I don't find the recoil objectional at all, but it is a PPK/S so it's got a bit more grip to hold onto. The flush fit magazine I consider to be basically useless. I gotta have the ones with the mag extension (spare mags are not cheap either). No slide/hammer bite, but the current production ones have the extended beavertail from the Smith and Wesson days, a really nice addition I'm sure. My 22 PPK/S's have never given me any slide bite either though.
The other common complaint I hear is the DA trigger. In my experience that's true, at least with the 22 PPK/S I have, however, the 380 I've got has a really NICE D/A trigger. I mean it feels better to me than any J-frame type revolver I've ever owned, and still retains the great S/A pull most Walthers seem to have.
I'm no great shot, but this was the result of my first time out. Seven yards I think. Ammo was FMJ, I forget what brand...probably Blazer, or Remington UMC. I was just shooting and reloading, and most of them seemed to be hitting about where I expected them too. A little low at first, but I adjusted POA and things looked up after that. First shot each magazine was fired D/A.
I thought I'd carry it a lot, but since then I picked up a Tisas Fatih 13, copy of the Beretta 84BB, that holds almost double the rounds, so the Walther is more of a range toy than anything else now. I did get a nice Bianchi 100 IWB holster for it though. You never know.
There was an interarms 380 at my LGS a few weeks ago. I was sorely tempted, but I've got this one, the Tisas, and a Beretta 84F, so I think I'm good for 380's, Now if it had been a 32...it would have been different. I've come to really like these little guns.