I've owned both, and no longer have the P238. While I do still have the LCP, and so far, its been a reliable and shootable gun, I just dont see it doing anything better than my Seecamps, so I most likely will soon be rid of it too.
My SIG was not at all reliable. It was accurate, and seemed to be well made, it just would not function properly. I thought about sending it back, but with the fairly large number of posts by people with repeat trips back and no joy on multiple returns, I figured I'd just cut my losses, and dumped it at a loss. Even if it were to come back 100%, I probably still would have got rid of it, as it just wasnt fitting the bill anyway.
Other than it not working, my biggest issue was the spring replacement interval. The manual originally stated that it should be done every 1500 rounds, and then I was told on the phone by SIG's CS department, that it was 1000 rounds. He also stated proudly that thats why they sold the replacement springs in packs of three for a reasonable price. Unfortunately, they were never available when I tried to buy them, and I had to get some from Wolff.
Another issue was the safety. While it was or seemed secure, it was very loud when swept off, even when you tried to do so discreetly. When I say loud, I mean loud too. Not just a minor "click", but more along the lines of an M1/M14 or AK's safety being snicked off. If I were to have one, I'd probably carry it loaded, with the hammer down, as its quieter to employ that way, and takes about the same effort to make it ready to fire.
And yet another issue was the way it ate brass. It was destroying brass at the rate of 5-10%. This problem might have been resolved along with its reliability issues, but then again, maybe not. I've seen other posts addressing it with guns that seemed to run OK too. The gun also chucked its empties all over the place and in random fashion. Some fell on your arm, others 20-30' away. Trying to recover your brass was a chore to say the least.
As far as the sights go, the P238 does have nice sights, but I really dont see the point or need with this type pistol. Its a close range gun, and the sights really arent needed. I feel the same way about the LCP's little nubs. My Seecamps have no sights at all, and I can easily make good hits at 10-15 yards with them when needed, and with no effort.