I have a Pony Pocketlite. It has been reduced to a housecarry gun and carried on rare occasions when I can't risk anyone knowing I am carrying a gun.
It has a stiff trigger pull and that makes it easy to jerk shots of target as the tension changes just before the trigger 'breaks' and the hammer falls. The slide stop can be knocked out of place fairly easily by putting pressure on the slide stop bar on the right side of the gun during firing. The pin on which the trigger pivots needs to be watched because it can move left or right and if it comes loose, the gun is disabled. On mine, the mag catch requires minimal pressure and travel distance to release the magazine, which means the mag can more easily be released by accident such as during pocket carry. The sights are small and not of much use. As pistolsmith Alex Hamilton recounted to me about his wife's Pony, he removed the sights and refinished the top of the slide so as to reduce potential snag issues with the rear sight and told his wife that if she is using her Pony, that she won't be using her sights - that the gun is a very close combat gun for distances where using the sights would just mean wasting time. Contrary to that, a friend of mine put a set of Novak's on his. Slide to frame fit on mine and one's I have seen at the gun shows tends to be poor, meaning the slide has some lateral movement on the frame. Mine can be shaken and will rattle because of this.
These guns come with plastic guide rod. I thought that was a stupid idea and replaced it with a stainless one from Scott McDugal and Associates.
The front and back straps are small and smooth. Given the recoil of the gun, if your hands are sweaty, the gun will jump around in your hand's grip. I had the front strap checkered and should have had the back strap checkered (hind sight) but instead have simply added grip tape there. Grip tape would be fine on both the front and back straps.
The gun has a lot of sharp edges. I had mine dehorned. Had I had more money, I would have had it melted for easier pocket carry.
The gun is reliable, although it is best to choose ammo not known for hard primers. While my Pony does great with Fiocchi ball and with Hydrashok ammo, it has had problems with S&B ball ammo. So choose your carry ammo based on what you have test that works well in the gun.
To be completely honest, for a $500 gun with $200 would of modifications, I think I could have better spent my money on another gun instead. I have no plans on selling my gun. It is just that I am not sure it was the most prudent of purchases. And, given the gun's size, there are some 9 mm guns that are about comparable in size and would provide a little more defensive power than the Pony's .380 round provides.