I have both the PPS M2 and the Shield. I carry the PPS. Both are excellent guns but I like the feel of the Walther better. I also like the Walther magazines, no floating spacer on the seven and eight round magazines. I find the seven rounder to be the best in terms of shootability combined with concealment.
I actually have three PPS M2s, one for carry, one for practice, and a spare. The most I paid for any of them was $315 and the cheapest was $285, all NIB. I paid $340 for my Shield and thought that was a great deal at the time.
Overall I think both are excellent and if one can be had significantly cheaper than the other go for that one.
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