I bought an M200 4" for my son's birthday for $219 also. He has an LCP for carry protection, but it's not much fun to shoot all day at the range, so he wanted a range toy.
Finish is ugly as it gets, looks painted, and I'm not a fan of the plastic grip, also thought it was rubber in pics, but gun shoots nice, and trigger action, both double and single are nice! Feels more like a Smith than a Ruger. Has fixed sights, and shoots a couple inches to the left at 50'. Also shot high with the ammo we were using, but that is easily addressed. Groups were tight enough to say its sufficiently accurate, but premature to know its full capability. Everything seemed to just get smoother the more we shot it. We've got maybe 150 rds through it, so its early to claim it's reliable yet, but it looks promising. I wouldn't hesitate to by another one, as I don't consider $219 an incredible risk.