Yeah, the newer SMCs (since sometime last year) have had steel frames. (You gotta love a steel frame to give weight to a blowback pistol.)
The SMC pistol is a pretty great deal for the money (generally a little more than the Maks). While I did polish the feed ramp with some Flitz on a patch wrapped around my pinkie before ever firing the thing, I've found mine to be amazingly reliable (100% but for stupid operator errors). As reliable as the E.German Mak I used to have. Almost as accurate, because it's more difficult for me to shoot the substantially smaller pistol as accurately - I doubt there'd be a significant difference off a bench. Also, you're not going to get "Walther bite" with the better-designed slide (not that you would with a Mak, but it's an improvement over the PPK).
I've carried my SMC in my front jeans pocket in a DeSantis #38 "Nemesis" pocket holster. With the flat grips (also purchased from KBI directly -- 717-540-8518), the thing is unnoticeable . . . even with the added weight of the steel frame. (I had thought is was essentially unnoticeable with the slightly thumb-rested grips that come on the pistol, but the flat grips are something of an improvement.) (I've owned an E.German Makarov - pocket carry wouldn't really be feasible; the pistol is much too tall.)
I also carry the SMC in DeSantis' #32 "Dual Carry" belt/IWB holster for the PPK. One could forget it was there.