The smaller guns such the mid size, compact and even some of the sub compacts, have just come so far in terms of accuracy, that most of them warrant consideration. I would exclude most guns below 12 ounces, as when using a bullet of any significant power, the recoil is going to effect accuracy and the gun's a pain in the hand after a few dozen practice rounds.
The S&W Bodyguard 380, as long as you're packing a very good bullet for personal protection, such as the Hornady critical defense line, is quite effective, (check the ballistics studies:
Hornady Manufacturing Company :: Ammunition :: Handgun :: Choose by Caliber :: 380 Auto :: 380 Auto 90 gr Critical Defense® ) yet the gun just about disappears in my pants pocket and costs about $300now, even with a standard laser if you care to use that. It's not too brutal on my hand either.
Those specialized hollow point bullets are too expensive to me for much target practice, but loaded with those, I can go 'out on the town' (in my city anyway) dressed up or down and with that slim, light little pocket pistol and feel 'insured'. The Glock 26 and 27, in 9 or 40, pack pretty well too--but not as well as the Smithy.
No, those 'pocket rockets' are not going to give you the same target groups from 50 yards out that a 4.5 or 5 inch, M&P, Glock or Springfield Xd/m will. I still I like the bigger guns too, but might just carry them out and about if I have a heavy winter coat on. Otherwise, they're basically for the bedside (with Glaser safety slugs there), the car glove box and for fun out on the shooting range for me.