It's not the lightest, the smallest, or the most powerful backup pistol (7+1). It has a heel clip magazine and no slide release. After shooting more than 100 rounds, the gun looks like it was recently lit on fire and your hands don't look much better. The slide is significantly harder to rack than a Hi-power short recoil design in .380 or 9mm, especially with the 18 lb spring. There are many 9mm pistols that are both smaller and lighter.
So why would anyone carry such an undesirable gun? It fits my hand better than any of my other pistols, including a Sig/Hammerli Trailside target and an X5. It is not as accurate as either of those guns, but it is not that far behind (6" groups at 25 yards firing carefully, probably better with a rest). The missing controls mean that the gun does not snag and the heel mag release means that you cannot accidentally drop your magazine. The SA trigger is the second best that I have ever felt on a pistol, behind a Colt Delta Elite but better than most Anacondas and Pythons. ".380 +P", which is questionable for many .380 carry pistols, is actually what the P230 and P232 were designed to fire (the 9x18mm Police, whose ballistics are identical to the hot .380 loads produced by Underwood). With the added weight of the stainless frame, follow up shots are both rapid and accurate.
Though it's a tertiary consideration, it is in my opinion an iconic looking pistol, and even puts the venerable Walther PPK to shame.
Not mine, but looks virtually the same:
