The Swiss, especially, shot Lugers in competition for more than a century and they seem to have very high scores and very few complaints.
The action is fully locked at firing: none of this being held forward by a little spring and HOPING the ammo isn't too hot. The Luger is SOLID. With a proper frame-to-sliding-receiver fit, I do not think it is possible to make a handgun which is a great deal more accurate. That "MUSHY" trigger that the Browning fans seem to think is a drawback actually is a hidden asset; in reality, it is a proper 2-stage trigger such as on a Mauser rifle or a Lee-Enfield: hard to beat for DELIBERATE fire.
The Luger in 9mm does suffer from what I would call excessive barrel flip, but that is a consequence of trying to run a cartridge developing almost 40,000 pounds pressure in a 4-inch barrel which actually affords just a hair over 3 inches of rifling.
If I had either a spare zillion dollars OR a basement-full of Lugers (I have only 3) and a really good milling-machine, I would kidnap my old friend Charlie -- the best machinist I have ever met -- and try to make a few small changes. I am wondering about a standard Luger altered to .40S&W, with a slightly-heavier 5-inch barrel....... and proper sights with a square rear notch and a square blade (right off the SMLE, which is of similar vintage). OTOH, if I had the zillion dollars, likely I could pay Norinco to turn out a batch of these and see how they run. Norinco actually DID make a couple of Lugers; with a production contract and someone looking over their shoulder to make certain that things were done RIGHT........ it just COULD be a winner.
Proper fitting would assure accuracy. The heavier 5-inch barrel would reduce muzzle flip AND give the cartridge more room in which to develop its full potential. And the improved SIGHTS would make the finished gun easier to use for those of us who are not far-sighted watchmakers from the Schwarzwald. I think it WOULD be a winner on the target ranges.
Gentlemen: your opinions, kindly. Does this wonderful old artifact deserve ANOTHER century of winning?