I have a Manurhin Walther PP in .32 and it is one of the most beautiful guns I own. The bluing is very very nice and the fit and finish is very exacting.
I have only used FMJ ammo but have had no problems at all. The only things that you have to watch out for, in my experience, is slide bite and heavy double action triggers.
I have small hands so slide bite doesn't concern me but the double action triggers on these guns, at least when new, are very, very, very, heavy. My guess is they were designed this way because the manufacturer new that they would just be thrown into pockets and what not without any kind of trigger protection.
I love mine. Not so much for it's uber, tactical, usefullness but more fore it's classic lines, beautiful bluing and ohh so Bond appeal. Besides a .32 caliber fmj bullet is like a brick through a plate glass window on the power spectrum.
The only Walther PP/PPK/PPKS I have been told to avoid are the interarms imports of the late 70s and 80s. These apparently were not Walther quality by a long shot.
Everybody I have talked to who has a Manurhin is very happy with the quality and reliability. I know I am.
Chris