Last September, I got the hots to have a "project gun" or two, so I bought a Kel-Tec P3AT after carefully reading about it here forum and on the KTOG forum. The LGS price for a hard chrome slide P3AT was $279.00; I got a second magazine when I bought the pistol, and I ordered out some accessories from Kel-Tec--a mag extension to try, and finger extensions.
I initially and repeatedly had intermittent trouble with FTFs and with the magazines shucking its rounds. Nonetheless, the gun shot quite well for me once I figured out gripping techniques and did a shorter break-in period--about 150 rounds. However, at best it could be considered a BUG, and it really didn't even qualify for that.
Eventually, I figured out that the mag release had been shaved--it's plastic, and I had 'slammed the mag home' the first few times I shot it. The result was that the catch would not retain the magazine. I ordered out the spare parts--Kel-Tec supplies them for free, and even included a couple of items I didn't know enough to order--and installed a new release. It's worked fine ever since. However, I hold the release while I eject and insert magazines now.
Kel-Tec deservedly has a good reputation as an innovative company, and pistols like these have been on the leading edge of pocket pistol design (far beyond the PPK design). They provide excellent CS, given the parameters of being an inexpensive manufacturer. I now consider the P3AT to be a tactical reload tool (my primary carry is a j-frame) and it clearly fulfills a niche in making available a serious-enough-gun which, if available, is much better no gun at all, or a Colt Pocket Pistol in .25ACP.
Ruger's entry is a welcome addition, and will provide the competition needed to improve the breed. I note that the Ruger appears to have a metal release; they've been studying the KTOG forums, I bet. However, I wouldn't rush out and buy the first one in the shop--and I would also wait until they do a hard chrome / whatever slide.
Jim H.