Two myths about the P-40 were that it was slow and not maneuverable. Compared to later American and German aircraft with 400+ mph top speeds, a mere 345 mph at 15,000 feet (the top speed of the P-40C) doesn't seem that impressive. But remember, in 1940-41 the Warhawk's top speed essentially matched that of the Spitfire 1A (346 mph at 15,000 feet) and Bf-109E (348 mph at 14,560 feet), and surpassed the A6M-21 Zero (331 mph at 14,930 feet) and Hawker Hurricane II (327 mph at 18,000 feet).
The famous Mitsubishi Zero fighter was more maneuverable than the new Curtiss fighter was, and because of this people came to believe the P-40 couldn't out turn a hot air balloon. Of course they didn't take into account that the Zero was the most maneuverable fighter of the time. In fact, the P-40 proved in combat that it could out maneuver many of its rivals. Other positive attributes of the P-40 were good armor, firepower, roll rate, and dive speed, making it one of the best low altitude fighters of the war. Japanese pilots rated the Warhawk their most dangerous foe at low altitude.