I'd have to say that for overall value for the $$, the Makarov is indeed one of the best firearm values available today - & may be at the top of the list.
All steel construction, DA/SA with a decoker & safety, as accurate as any normal production pistol with a similar barrel length and extremely reliable. Usually accompanied with 2 magazines, and maybe a leather field holster & lanyard. All for anywhere from $140 - $200 new.
Surplus ammo is really economical; it can be found for as low as $0.09 per steel-cased round in FMJ configuration. While
COR-BON is discontinuing their HP round due to bullet availability, as far as I know
HORNADY is still available. However, for only a few pennys more than the surplus FMJ round you can purchase the HP round offered by
BARNUAL, and practice with your defense round should you choose to use it. The best source for ammo is
Dan Tobin at Dan's Sporting Goods
Shortcomings would be (IMO) stiff DA trigger, but it will smooth out considerably after about 200 DA trigger pulls. As an all steel pistol it is not light weight for its size. Many find the stock grips uncomfortable and aftermarket options are limited to 1 or 2 selections. The grip offered by
PEARCE is generally considered the most comfortable, however its size & material affect concealability in a CCW application. The factory sights are small and in all but the commercial Russian offering are adjustable only by drifting the tiny rear leaf left or right.
(The Russian commercial offers a height adjustable rear sight, but it can be fragile and replacement parts, including the entire sight, are not available. The slide has considerable material removed to fit the sight, and no one offers an aftermarket replacement.) While
ASHLEY EXPRESS offers a replacement rear sight for the fixed rear, the matched front sight requires slide machining.