I picked up an M40 back when CDNN first started selling them. At the time, they were still going for $550 in local gun shops. It's been a solid, accurate, reliable pistol. In a couple of thousand rounds I've had no problems. The funky sights are pretty easy to use once you shoot it a few times. There are (were?) also regular style night sights available for them (some M40/M9 had these as original sights). The grip feels a little small to me, but others really like it. CDNN still lists 10rd mags for $10 and 12rd/40 14rd/9 mags for $30.
When I got it, I had been looking around for a light plastic carry gun. I checked out Walthers, HKs, Glocks, a CZ 100 and the Steyrs. The HKs and Walthers were nice, but not any better a gun for twice as much money. The CZ 100 was almost perfect, but the DAO trigger pull was unbelievably long. If they ever sell the 110 in the US I will buy one. Glocks are Glocks. I'm not saying I'll never own one, but other than their reported reliability and simplicity there's nothing about them that I really care for. I'd take the Steyr over a Glock any day. I wish I had also picked up one of the S models.