FWIW:
I had an early (14XX) PPS. After 200 rounds it developed ejector problems. I sent it back to S&W for warranty repair. They sent it back to me. It was not fixed so I sent it back to them a second time (free shipping via ups) and told them to fix it or send me a new one.
Two weeks or so later I got a NIB PPS. I shot it and it was very accurate and reliable, until it wasn't reliable.
Now the round that failed was a cheap Winchester White Box (WalMart) round, and I've found the quality of these value pack rounds to be iffy at best.. Some real good, some not so much, so the problem could well likely have been AMMO related, as opposed to a problem with the PPS. But my 3913 I've had since 1995 has NEVER failed in any way over the 13 years since I bought it new, and for whatever reason I simply have faith in my 3rd gen. Smiths, and I've lost faith in my PPS. Probably my bad, but trust and faith is what it is. You either have it or you don't, and I just didn't have it any longer for the PPS.
I sold it and replaced it with a NIB 3913LS from CDNN and shortly thereafter a NIB CS9. I am well pleased with both the LS and CS9 and consider the trade off from the Walther a good move, FOR ME.
I love Walthers (had a PP/P1/P5, P99c/AS & P99/AS), but after the PPS developed problems and then the replacement burped I simply had no faith in the PPS anymore for personal defense.
I think the 3rd generation Smith & Wesson pistol is about as reliable as any pistol on the market, and being an old fart I'm just partial to both the traditional DA/SA pistol vs the Glocklike trigger/striker of the PPS.
But I'm sure later manufactured PPS pistols are fine, and if you like Glock triggers you will probably be well pleased with the new PPS.
No offense to PPS lovers..
Jesse