I own the PT709, which is the same gun in 9mm. You're not crazy at all for considering the 740. Best "pocket" single stack for the money out there.
Great design, great gun. Light, thin, great (although unique) trigger, thumb safety if you want to use it, real sights, comes with two mags, and mine has been dead reliable. Taurus' new pistol designs are great.
The best thing about it is that it's actually comfortable to shoot. I don't know how in the world it manages to do this, but it soaks up recoil almost like a full size. I owned a PF9 at the time I bought my PT709, so I was expecting the 709 to be similar at the range (i.e. a snappy little bitch that's no fun). It couldn't be more different. I now no longer own that PF9. Any time I shot them side by side, the PF9 felt very crude in comparison.
Oh. The trigger. As I said, it's great but... unique. The first 9/10's of the travel has almost zero resistance, and then right at the end of the travel it stacks. Pull through that point (at which it's still very light, maybe 4-5lbs) and it breaks, and the gun fires. The trigger reset is at that point as well, so once you get used to it, your follow-up shots are very quick. It does take a little getting used to.
If you buy one, a tip on field stripping it that the stupid manual doesn't tell you: dry fire it after you have used the release tabs to release the slide. The slide will come off as smooth as anything then. If you don't dry fire it, you pretty much have to rip the damn slide off there.
The one thing I will say is that if money is not a factor, and you were planning on pocket carrying, you ought to check out the Kahr PM40 as well. The Kahr also has a good trigger and soaks up recoil well... and is physically smaller than the PT740 in every dimension. The Kahr might be worth the price increase if you're going to pocket carry. If you were going to just carry IWB, though, it's probably not worth it.