As with most questions of this type (is *this* superior to *that*?) it depends on your intended usage. Are you asking which is a better choice as a CCW? Or which gun is more enjoyable at the range, or just for the pure enjoyment of owning it?

The German-built Walthers (and/or French-built Manurhins) are beautiful & classic firearms. I only have 1 PPK & 1 PPK/S (both dating from the 70's IIRC) & 2 .32 ACP ex-German Police PPs (likely Manurhins, but marked Walther) from the 60's. These are all great pistols, and I'm always looking to acquire another when possible. They're all capable of surprising accuracy, though the first-shot DA is rather heavy. Could they serve as a self-defense weapon? Certainly. Have I ever carried any of them for this purpose? Never. A CCW or OC firearm is likely to gather a lot of dings, scratches, or at the very least, holster-wear. I have other firearms which are more potent, lighter, and/or more easily concealable, and that I don't mind getting a few scratches or holster-wear on.

I have no experience with the Smith & Walther PPK series. When they first came out, I seem to recall an awful lot of negative stories, though I can't recall what were the specific issues. It does seem that things have improved...I haven't heard many complaints as of late about them. I know that people with very fleshy hands find the Smith versions to be friendlier, less apt to *bite*, due to the extended beavertail.

So...if you want a classic pistol, chock-full of history & intrique, the PP series are hard to beat. For just plain fun, don't overlook the .32 ACP. It's much more fun to shoot, ammo is *slightly* cheaper (I think?), it's more *Bond-ish*, and even for self-defense, it's much more controllable and capable of quicker shots-on-target and better recovery time. My preference leans *waayy* towards the actual German (or French) built pistols, but you're correct...they can get pricey. One would suspect that the older German pistols will only continue to appreciate. The lines of the Smith version are slightly different, but it still possesses a large amount of the Walther mystique.

But...if you are looking for a defensive .380, well...I'd say there are better, more modern options. You can get a small polymer-framed 9mm that is similar in size (if not a bit smaller) lighter, more potent, probably has a better trigger, easier to mount night-sights, more likely to reliably feed hollow-points, and probably costs less. Even if you stick with .380s, there are cheaper, lighter, more concealable options.

Hope this was helpful. I have no doubt that other, more knowledgeable folks will be along with more, perhaps better, info. As long as it took me to write this...it may already have happened!

Tim