I carry a Kel-Tec P-40 or P-11 every day, right front pocket in a home-made holster. I'm absolutely 100% thrilled with the weight, size, concealability...I'm awaiting a belt-slide from M/D holsters in an effort to make it more accessible during winter.
Drawbacks: you're probably going to have to polish things on this gun to get it right. it's really easy. i tend to be sort of "typical guy" mechanically inclined, meaning i can do basic things, but anything beyond my scope and you can bet i'm going to ruin it!
So far, knock on wood, I haven't even been able to ruin the KT. Just polish the feed ramp, the slide rails and keep it greased, and it'll feed anything you want.
Pros: Kel-Tec's service is literally unparalled. They are the nicest, most forgiving service people I have ever seen in any industry, bar *none*.
Biggest pro: price. a price so nice, i bought two, on in .40 S&W and one in 9mm, plus the 357 SIG barrel for the .40.
Capacity in 9mm is 10+1 in a space smaller than a Walther PPK...and with the +1 baseplate, you can have the same capacity in .40 S&W.
If you're REALLY hard up for space, and you need a tiny, tiny package, the KT p-32 is without a doubt the most amazing .32 out there for size and price.
everything you ever wanted to know about KTs:
www.ktog.org
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http://www.23x.com/stark/guns