Just bought my P232 last month...
And I have been very pleased with both its range performance and its concealability.
I bought the version with Hogue rubber grips and the factory SigLite night sights. As someone else mentioned, it points very naturally. In fact, I would say that this is my most naturally pointing pistol - but then again, I only have five right now.
Accuracy is very good for a smaller gun. I'm not a great shot, but off hand I can manage 3" groups at 15 yards, which is excellent for me considering it has a shorter sight radius. If I fire rapidly, the group opens up slightly but it still isn't bad.
Concealability is fantastic. I carry mine in a Galco IWB holster (can't remember the model) designed for the Walther PPK, and this thing disappears and never prints with casual movement. Keep in mind that I'm a guy who's only 5'11" / 185 lbs and typically have trouble concealing at times. Not with the P232.
The gun feels nice in the hand for me. I have somewhat smaller hands. I could never get a proper grip on a Desert Eagle and barely get a proper grip on most large caliber doublestack designs (Hi-Power, 92, XD, etc.). The P232, with its single stack magazine and blowback design, manages to be a mere 4.7" high while having a sufficient grip. In addition, it is only 1.2" thick.
I've run 225 rounds of WWB 95 gr FMJ through it with one failure at round #212. In another shooting session, I've also put 200 rounds of Federal 95 gr FMJ through with no failures.
I'm using the P232 as my every day carry gun now and until I test the reliability and penetration on the Federal 90 Hydrashoks (I have 80 to test), I'm using the Federal FMJs as my carry ammunition.
LOL - wel how about that? I just realized I have it on my hip right now.