I'm just about to get my SP2022. I snagged it for $399, stainless slide, with night sights. One of my favorite pistols I own is my Beretta PX4, which can on occasion be found in the $450 range, and has given me six and a half flawless years and well over 6,000 flawless rounds of .40 S&W. I'm interested to run the SP2022 hard and see if it also fits that niche of guns that don't break the bank but also run very well.
Honestly, I didn't buy the SP2022 because it's cheap, I bought it because I like it. I'm single, young, and nearly debt-free with a good job. If I wanted to drop $800-900 on a P-series Sig or an HK I would (and plan to, in fact!). That said, I like the SP2022 on merit, entirely aside from price. Like the Glock 19, it seems a remarkably balanced gun (though less suitable for carry than the 19). It seems well-built, and well-proportioned. Nothing on it seems to feel cheap, flimsy, or compromised. Polymer doesn't bother me, I like many polymer framed guns as much or more than steel or aluminum framed ones. I also love a hammer-fired gun, preferring them to striker-fired. Striker triggers have always been a problem for me. I find even a PPQ trigger distasteful compared to a good DA/SA trigger. Good DA/SA triggers just feel more...solid...positive. That's just my subjective opinion. I don't mind a lick that my Beretta 92 has a heavy first pull, because every part of that pull is perfectly predictable.
Most importantly for me, it has a reputation for diehard reliability, which is the one trait I refuse to settle on. A gun must be extremely reliable to be worth my time. I'm talking 99%+ reliable. Ever single handgun I own has met that standard except for one single failure to feed with my LCP in 1200 rounds. I certainly expect other handguns to meet that standard too. I haven't had my P6 long enough for it to meet that standard, but since it wasn't designed for hollowpoints and I bought it more as a curio piece than a serious defense piece, I don't much care about its reliability. I don't reload or use steel-case or aluminum-case ammo, so I believe flawless or near-flawless function in a firearm meant for self-defense or home defense is a reasonable expectation using brass-cased, factory-loaded ammo.
In sum, the SP2022 seems to be a balanced, well-thought, well-engineered, reliable gun. I'd have been interested at the M&P/Glock price point. It has never felt like a "budget" gun to me. The Stoeger Cougar is similar in that way. The pedigree of the design and engineering is beyond what you're paying.
I will be painstakingly tracking my first thousand or two rounds through the SP2022. Brands, bullet weight, cleanliness/lubricity condition of the gun. I will be using 147-grain standard-pressure Federal HST or 124-grain +p Speer Gold Dot as the HD/SD load, depending which I can find decent quantities of first. It will be interesting to see if the gun meets my expectations. I will post my results somewhere down the line.