I like mine it that it is very small, light, thin, and easy to conceal. When concealment or easy of carry is the main consideration it is hard to beat.
Mine has also totally reliable. Although I don't have thousands and thousands of rounds through it, as it is primarily a secondary gun for me, it has been reliable with a few hundred rounds through it. Of those who I know and shoot with regularly they report the gun has been reliable as well. Some of them I know have shot many more rounds than I have but I do not know exact figures.
The LCP is, like most weapons, not without its compromises. The small sleek little gun is much harder to shoot and run well than a larger gun. The sights are less than ideal, to make an incredible understatement. The small size of the gun makes it difficult to shoot well and do various manipulations (such as those required for immediate action drills). I cannot even shoot the thing with a thumbs forward grip, how I normally shoot, or my thumbs will be past the muzzle. The gun is mechanically more accurate than most people will be able to shoot it. the poor sights, small size, and trigger pull make it much harder to shoot than many other guns. It also has a fairly high bore axis which accentuates the recoil of the gun. I do not find the gun painful or in anyway objectionable to shoot. However, the combination of a very light gun, a very small (both length and width) grip, and the high bore axis make for slower followups.
Obviously it is a self defense gun and no one is asking or expecting a target or race gun. Even with that in mind, it is just harder to shoot and run well than other guns.
Even comparing it only to other smaller .380s I must say that my Mustang Pocketlite is 10X the shooter that the LCP is. The LCP is notably lighter and smaller. Also for the size of the Mustang one could carry a PM/CM 9.
The .380 chambering may be an issue to some. There has been more than enough written about that elsewhere and so I wont bother. The 6+1 capacity of the gun is nice for something its size. Also carrying a spare mag is hardly burdensome given their size and weight.
In sum, it is in my experience reliable and very very easy to conceal and carry. I tend to always carry mine as a bug and sometimes as a primary when I need something particularly discreet. I think is a gun that is well worth the $250 I paid for it. However, when I think of being in a gun fight with it I get a very uncomfortable feeling. I'd certainly rather have it than nothing, but I feel that if I ever had to use it I would really really wish I had more gun.
I'd recommend it as a BUG and occasional deep concealment gun. For a primary carry gun I'd really rather have something else. If small was a huge priority for my primary I would take the extra weight and size of the Mustang to gain a gun that is much easier to shoot and run well. That said even in a T-shirt and shorts I find it easy enough to conceal something the size of a Kahr P/CW 9, which I would MUCH rather have if I had to defend myself with a gun.