I have owned three of them, all from the ‘90s. I bought a P16 new for USPSA Limited Division, which I still have. It’s mostly retired, bit I still have it and it runs well.
Another was a P14 that was built from the frame up. It was excellent, although the frame and maybe the trigger were the only Para parts on it. I ended up selling it to fund some other toy.
The third was also built from a Para frame as a USPSA Open gun in .38 Super. It went through tens of thousands of rounds of 180 PF rounds. It finally gave up with multiple frame cracks. A forged frame may have lasted longer, but maybe not.
Keep in mind with the comments about loose fit or poor triggers. Aside from the fat grip, it’s still a 1911-pattern gun. You can work on it just like any other 1911 and end up with an excellent gun.
As noted, the mag springs need to get changed out every so often. Check them first if reliability begins to drop off.
As for price, I think I paid $550 for my new P16 around 25 years ago. So with inflation, getting one for the same price today isn’t terrible.