I purchased one of the new Walther PPK/S pistols in nickle from Cabelas about a year and a half ago. I love the pistol, it has not failed on me with any standard velocity or high velocity ammo. I have about 700 rounds through it. It is as accurate as a 3.5ish length barrel is. It is not as nice as a real ppk as it is not steel, but the overall function of the pistol is great. Recoil is minimal because the pistol is heavy.
The trigger pull in double action was painful when i first bought it. After 500 rounds it has evened out but is still heavy.
However, single action is a dream with maybe a 3 pound trigger and very short reset. I run the gun very oily and it seems to prefer it that way.
The sights are black on black. You would have to modify different sights or use paint or stickers to help with that as there are no custom sights available to purchase.
You can purchase custom wood grips for it, but they run around $80 as the pistol will not accommodate normal ppk grips.
There are a lot of folks on the Walther forums who dislike the pistol. It is made of zamak and the barrel is a pencil barrel inside a larger tube. All Umarex made .22 guns have the same setup including the M&P .22, MP5 .22, Colt .22 AR, and the Colt .22 1911s. I don't have a problem with that but it does concern me a little as to the longevity of these pistols/rifles.
Everyone I have let shoot the gun has been pretty thrilled with it for what it is.
I paid $400. If I were doing things over, I would probably buy the Bersa .22 Thunder. Or I would fork over the 200 extra clams and get a proper PPK.
That said, Walther afficionados don't like those S&W PPKs much either, so if it says Walther but is not made in the right factory in Germany, someone somewhere will poo-poo it. I will post some pics with a couple of targets so you can get an idea of the accuracy at closer ranges. (It isn't a long range gun imo. The sights aren't helpful for that.)
(Added a few pics, will add more in following post.)