I have a P3AT, and I like it. It's not really fun to shoot, but it's not supposed to be. The recoil isn't bad, but there isn't much room for my finger inside the trigger guard, so my finger takes a bit of a beating. But it fits my hand well, points naturally, and is fairly comfortable to shoot. Better than I expected, actually.
Fit and finish was OK, I cleaned up some of the sharp edges on the frame. Mine seems to be very accurate for it's size, and it's been 100% reliable with any ammo I've tried. The trigger is long and fairly heavy, but otherwise smooth.
I got mine for $219 from CDNN, plus shipping and transfer it came in around $245. I don't think you can do better for the money. The Kahr's feel much better, and are almost as small, but cost significantly more and have their fair share of issues if you read the reviews. I like the Kel-tec because it can be dropped in a pocket and you almost can't tell it's there, and it's cheap enogh that I don't really worry about damaging it as much as my nicer guns. Also, in the unlikely event that it ever got lost or stolen, it would be easy to replace.
They're not the best guns in the world, obviously, but they're a great value and worth buying. They're fairly well made, and the company stands behind their products. I wouldn't hesitate to recommend it as a backup gun, or for those times when everything else is too big.