Those wanting a PPK, but unwilling or unable to pay the price and risk getting a lemon, should check out the Polish P-64. It's got the looks, and it's got the reliability and accuracy you want, too. I personally the style is ugly, but it's a great carry piece and the price was right. No hammer bite, either, in my experience.
Genuine Walther PPK's are nice little guns, and I wouldn't mind having one. The licensed ones, though, have a well-deserved bad reputation. During that time period, S&W didn't really make any semi-autos, and those revolver-heads messed it up royally. While I love a good Smith revolver as much as anyone, semis just weren't their area of expertise at the time so the results shouldn't be too surprising.