I recently foud a Colt Mustang Pocketlite in excellent condition for a good price. Shot it for the first time a few days ago.
I'm happy with it. It is reliable, though I've yet to feed it hollowpoint ammo. It is very light, and I think it'll make a good pocket gun, or purse gun for the wife. Recoil is soft, making it much more pleasant to shoot than my Airweight Centennial with +p loads.
There are a few things I've read and concur with after playing with the gun. First, the magazine springs should be upgraded. A phone call to Wolff and all is well. Second, the plastic guide rod SUCKS. Its a pain to install, and its PLASTIC. I believe Wolff has a single recoil spring (the factory job is double) and steel guide rod, and I know Scott/McDougal has one. The weight increase would be negligible, and its the right thing to do. Also, it has a plastic trigger with serrations on the face. Plastic? Serrations? What the hell were they thinking? Thankfully, Scott/McDougal make an aluminum one. Finally, this thing could use better sights. It shoots so nice it could be so much more than a belly gun, so much easier than my J-frame. Scott/McDougal or any good smith can take care of that for you, for a price. For my intended use I think I'll keep the stockers.
I'd consider the Kahr P9, too. My department does not authorize Kahrs as backups/off duty, or that's what I probably would have gotten. Just as light, similar size, nice DAO trigger, and 9mm instead of .380. I've got an MK40 (too heavy for pocket or ankle duty) that I like well enough to keep despite not being able to carry anymore.
I haven't decided yet if the Pocketlite will replace my J-frame as my backup ankle gun, but I'm happy to have it. Now if only H&K would make a true compact...