Hmmm, interesting. I've heard plenty of bad things, mostly involving frame-cracking at low round counts, but also about cracks in the zinc slide.
If I were aiming to spend a small amount of money on a tiny .22 LR plinker, I'd spend a few dollars more on something well-made, like a used pocket-size Beretta rimfire of some sort. (Better still would be one of the old indestructible 70-series rimfire Berettas, but even a very well-used one is probably going to be a lot more expensive than a used 21A Bobcat and the like).
For that matter, I'd even buy one of the Taurus copies of the pocket Berettas before I'd buy a Phoenix. You can find a used Taurus PT22 for right around $150. It takes pretty extraordinary circumstances get me to recommend a Taurus over something else, but I guess a Phoenix pistol meets that standard.