Go shoot one, if possible.
I've put 150 rounds through a rental LCP (50 on the first visit and 100 on the second). No malfunctions of any kind with WWB and Federal FMJ ammo. The guns are said to be generally reliable feeders with HP ammo as well.
The gun felt well-built to me. The slide-to-frame fit was tight. Many people have remarked that the recoil is snappy and unpleasant, but that wasn't my experience. I was surprised that the recoil wasn't considerably stronger, based on the reports I had read before shooting. (However, I was a bit of a recoil junkie in my teenage years, so my views probably aren't representative.) The sights are tiny, so they won't snag in your pocket, and that makes it tough to aim the gun with great precision. Nevertheless, with a little practice I was able to hit 3-4" groups consistently at 10 yards (two hands, standing) and 7-9" groups at 20 yards, which is probably better than I would ever need from such a gun.
The real downside to this gun is the trigger pull. It's just too long. I have larger than average hands, and I felt that I had to rotate my grip clockwise with my right hand to get the trigger to break more comfortably. The other major drawback is lack of an automatic slide lock-back.
I really prefer the features of the Taurus 738 TCP -- namely, the much better trigger and the auto slide lock-back -- along with how the gun feels in my hand. Unfortunately, I've read far too many complaints about quality control problems in this gun to feel very comfortable in buying one over the Ruger. (One feature I strongly prefer in the Ruger, I should add, is the rounded rear portion of the slide. The Taurus is squared off, and thus much more likely to snag in your pocket.)