I have both the P64 and the Armscor M200 (identical to the M206 but with synthetic grips and a 4" barrel).
Both are great for the money, but the Armscor M200 doesn't hold a candle to the P64 as far as fit and finish (and overall quality). That's not to say anything negative about the M200. I like mine, which has been absolutely reliable and accurate enough.
After 600 or so reloads, my M200 seems about as tight as when I purchased it. It does take issue with soft lead (most swaged) bullets though. The barrel will lead quite quickly, so my reloads are usually jacketed, plated or at the very least hard cast. The finish has proven to be adequate, but it's strange. It's almost a chocolate-tone phosphate is seems.
However, the P64 is in a different league. Besides the whole revolver/auto issue, it's just a high tier item despite the price. The finish is absolutely beautiful.
Unfortunately, I do not load for the 9x18. On the bright side, 9x18 is neither expensive or hard to find online.
If it's strictly for plinking with reloads and having fun, the M206 (or M200) is going to be very hard to beat for the price. However, if you're wanting something that oozes with quality that military surplus can sometimes get for you on the cheap, the P64 is the clear winner.