The P232s are very nice guns. If I were going to purchase a .380, that would be the one (perhaps with the DAK trigger). It is on the large side for a .380 pocket pistol . . . in fact, it's about the same size as a Mak. It also has that Euro-butt mag release that bothers most Americans (although I like the idea on a pocket pistol). You have the option of getting the alloy/stainless model that offers corrosion resistance and light weight. They're all made in Germany, too, which may be a pro or a con, depending on your point of view.
The new PPK/S-1 that S&W makes under license seems like a real improvement over the old Interarms-licensed guns. The triggers seem considerably nicer (on the basis of dry-firing only; I've never fired one) and the extension of the frame to prevent "Walther-bite" is something that should have been incorporated long ago. The Walther is only presently available in stainless, though, so it's fairly heavy (if wonderfully flat and comfy for pocket carry). 100% made in the US of A, too.
Both are accurate, although I suspect the better triggers on the SIG-Sauers would give them the edge in practical accuracy. Caliber, of course, is a "con" for both the PPK/S-1 and the P232. You can find quite a few 9x19s and even some .40s that are the same size, and .45s that are not a ton bigger. If you're going to go for .380, go for FMJ to ensure the penetration is adequate.