In my opinion, with RARE exceptions, handguns that cost less than $300 and are reliable, potent and worth owning are revolvers. Period. Spend $400+ and that changes but down around $200 - $250, you've got any number of good 38Spl basic DA wheelguns that aren't flashy, but WORK.
Yes, the Makarovs can be an exception. Yes, the KelTec P11 can work if you hand-tweak it with the detailed directions posted by the KTOG folks. But I have a roommate right now who gets jams with his P11 when rapid-fired.
I spent $186 on a basic 38 snubbie. It's never jammed or failed to fire. It was hand-selected via a checkout procedure I've posted on the revolver forum:
http://www.thehighroad.org/showthread.php?s=&threadid=1430
The "checkout" suggested that either the gun was done on a VERY good day at the factory, or it was hand-tweaked by some gunsmith, pro or otherwise, who knew his stuff. Lockup was (and remains) as tight as a Python in good shape, timing is spot-on, gap is minimal.
I had a chance to do outdoor firing once, at a torso-sized metal garbage can 50 yards out. I hit it five for five with that thing, firing SA. A guy next to me with a full-size Glock 40 was only able to bat .500 at the same range and target. Maybe it was him, dunno, I have no beef with Glocks and consider them fine guns for the money (which is a hell of a lot more than $186). What I do know is that I'm not all that good a shot, and I strongly doubt a Makarov or any other low-end slidegun could have made those five shots. I also know that with the right ammo, I can rely on that gun for defensive purposes.
NOTE: Charter Arms/Charco/Charter 2000s are a good design, but execution (read: quality control) varied all over the map. I don't generally recommend these unless you know what you're looking at, even though that's what I own. Any number of S&W Model 10s, Ruger Security/Service series, Colt Police Positive Special or scads of other used 38s/357s could have done as well or better, if hand-picked with the checkout.
If you're on a budget, the wheelgun isn't flashy but it gets the job done. WAY too many newbies ignore this, esp. if they're living life on the cheap at the moment
. (As I am now, don't take that as a slur!)