The P64 is a DA/SA blowback pistol that appears to be (because it is) very similar to Walther's PPK. The designers of the pistol deny that it's a PPK clone and insisted it is an original design---sure...
In my opinion, the fact that it's very similar to the PPK is a good thing in my opinion, the PPK is a quality pistol as is the P64. It's been 100% reliable since I've picked it up and for $189 it's tough to complain.
The 9x18 Makarov round could have a post of its' own, and it's often debated whether one using the round should carry JHP rounds or FMJ to increase penetration. I'll leave that debate to another day but I chrono'd some common loads in the video. For what it's worth, I spoke with Kevin Underwood two weeks ago of http://www.underwoodammo.com and he told me that he was currently developing some 9x18 defensive loads. When they come out, they'll probably be my carry load for this handgun (pending performance testing of course) since he has a reputation of producing good affordable defensive ammo.
Cost--$189 for a gun of this quality is tough to complain about
100% reliability thus far.
All steel construction, seems like it will be very durable
Replacement parts, should you need them, are very inexpensive
The single action trigger is excellent
Fires an affordable round ($10/50 on most internet sites).
Carries and conceals easily
Gun appears to be in excellent shape for a surplus weapon
Heavy (22oz) for a carry gun by modern standards
Blowback design is inherently a dirty firing design
Many shooters experience slide bite (I only noticed some abrasion after about 100 rounds, and I have large hands)
Sights are miniscule, but usable
The OEM hammer spring causes the worst DA pull I've ever experienced (easily replaceable for about $5)
Some people claim the recoil is stout, but I think it's on par with most modern pocket/slim 9mm type guns.
Here's a quick video with some shooting, disassembly/assembly, and chronograph tests.
Hornady 95gr XTP: 990 fps, 207ft/lbs of energy
Silver Bear 94gr HP: 1042 fps, 229ft/lbs of energy
Brown Bear 94gr FMJ: 1075 fps, 241ft/lbs of energy