I have an Automag III. It was my first Hand Rifle. Bought it for just that reason. Started me on a long and illustrious carreer of rifle-caliber handguns.
It is hands down my favorite handgun. It has been trouble free, and eats up mil-surp or factory ammo without a bobble, including Remington softpoint hunting rounds. It has the BEST trigger of any handgun I've got. It's mighty accurate, and I typically run about 75% on two-litre water-filled bottles at 100 yards, shooting off a rest.
It's loud, alright. Lots of people want to know what it is, and what it shoots. Bright fireballs, and that racy longslide look are real attention-getters. A lot of people really like to shoot it, too. The power-to-weight ratio is very nice. You definitely know you've got a powerhouse, but it's very controllable and balanced. Velocities with factory ammo run in the 1600-1700 fps range.
I got mine for $300. 3-400 dollars seems to be about the working price for these. AMT's definitely have a an issue with spotty quality. Some are just fine, and some are utter crap. I've heard of Automag III's that were very ammo-picky, and a lot of stories about reliability in general across the whole line. The consensus seems to be that if you get a good one, you're all right.
Note: MOST of the bad stories I've heard about AMT's are about the Back-up line, with the 1911's coming in second. The Automags seem to have a better track record. Both my Automag III and my Automag V are nice and accurate, with nice triggers. The V is a bit reliability-challenged, however. This seems to be a factor of the round involved. The recoil is so violent with the .50 A.E. that the gun locks the slide open when it shouldn't, or jams empty cases back into the magazine. Price I pay for having the lightest .50 on the market, I suppose. Might say something about why they're discontinued, too, unless they simply didn't sell. Definitely a possibility with the .50 A.E.. I dunno, but I see more Desert eagle .50's than I do Automags. Eh. a moot point, really. We're supposed to be talking about .30's here anyhow.