I have the blued fixed sight government model. I've owned it for about 18 months, put about 2000 rounds through it, and have had absolutely no operational problems whatsoever. The gun has never misfired or jammed and it is dead on accurate. The trigger is crisp without any creep or overtravel. So, performancewise, it is as close to perfection as I could hope for.
My only (minor) complaint has to do with the fit of the slide and frame. There's a a very slight misalignment which has caused some wear of the frame's finish on one side up near the muzzle, due to the slide rubbing against the frame at that point during operation of the gun. Honestly, I don't care enough to return it to Smith in that it is a cosmetic and not a function issue. I've also noticed that the blueing is wearing a bit at the corners of the gun and at points where the gun makes contact with holsters, gun rugs, etc. Also not a concern.