I own two PPK/S models, one made by Interarms in .380ACP and stainless and the other made by Walther in W. Germany in .22LR. The quality and workmanship of both is excellent, althought the German made one is finished a bit better then the Interarms one. I have had the Interarms model since 1990 and the Walther made model since 1995.

I have had zero problems with the Interarms one, works everytime and have never had a jam. The Walther built one is a bit finicky when it comes to ammo. It seems to like CCI MiniMags and the cheap Remington stuff you can buy in 525 round bulk packs. If I load ten rounds of anything else in the .22, it always stove pipes on the third shot. If I load seven rounds in it, it works fine. The Walther built one is one of the smoothest shooting 22s I have ever shot.

When S&W first started making the PPK line, I looked at one and thought the fit and finish were awful. I haven't seen one lately, so things might have changed.