Ive never owned one as I went with the P220 instead (given that I wanted a .45 ACP). But, from what I gather, the P226 is practically legend in terms of reliability, durability, function and form. Needless to say, the P226 has quite the admirable track record.
Now, the P226 seems best in the 9mm variant. However, I have heard good things about the .40 S&W version. If you simply are not interested in the 9mm version of the P226, I would opt for the .40 S&W vs. the Sig .357 variant.
If its anywhere near the weapon my P220 is (and Im willing to bet that it is), you will be pleased.