I have over the years owned 1 Walther PPKS and 3 Walther PP(s).
The PPKS was in .380 (German), 1 of the PP(s) was a .380 (Manurhin Walther)and the other 2 were .32(s) (Maunrhin Walther).
The one I am currently carrying is a .32. Not arguing which cartridge is better - that has been done enough on THR. But, in my Walthers, the .32(s) have been 100% reliable. The .32 is milder in recoil and quicker for followup shots.
My .380(s) were a little more particular about ammo during break-in, but malfunctions afterward was rare. Not as good as the .32 versions which have digested everything I have run through them.
Nine shots from the .32 is a pretty impressive package. I have not shot or owned one of the new S&W Walthers - but if they are anything like the European models, they are a well made classic.
Price sounds about right. You can find the Manurhin Walther in .32, used, in excellent condition, for around $275 - $300. They are European police trade-ins. They are fairly easy to find on the internet sites right now. The Manurhins are post war Walthers that were made in France. High quality guns!!!