I've been really happy with my P1 that I got about a year ago when they were on sale for $225, and would say that it's still a good deal up to about $300 or so. I did some research on them before purchasing mine, and decided on the P1 over the post war P38. Essentially, the P1 has beefier slide and a hex pin through the frame where the aluminum framed P38 was sometimes known to crack. The aluminum P38s were post war police issue, while the P1 was issued to the Bundeswehr (German Army). Most of these pistols were used before being arsenal refurbished and put into storage. Sadly, I have been told that due to one of the latest international treaties against small-arms proliferation, that the German government will not be releasing any more surplus pistols (if they still have any), so now's probably a good time to pick one up while dealers still have them.
My P1 is easily the most accurate of my pistols and gave me some surprisingly tight groups with the 124gr ammo that's recommended for them. After a lesson on using the two handed Weaver stance, my aim got even better and I was really impressed. To be fair though, I'm comparing it with a Norc M93 .22 Woodsman clone, a .45ACP Norc 1911A1, a Yugo M57 (Tok pistol in 9mm), a well used Chinese Contract Inglis High Power, and I'm hardly expecting my 1895 Nagant pistol to shoot better when I finally get it to range. So far the pistol has operated without any failures to feed or eject.
The P1 is light on account of the aluminum frame, so a steady hold/follow through is a good idea since it will definitely bounce back when fired!
At least two other friends bought a P1 and P38 on account of my telling them about these pistols, and I've met another club member who ordered one. So far they've all been satisfied with the condition or accuracy. I've only done a bit of competative shooting with .22 pistols years ago (UofT's Hart House Range) and mostly like to collect and play with milsurp pistols, so I'm not exactly an expert when it comes to all of the ins and outs of handguns, but I can certainly say that I'm happy with my P1!
Good Luck!
Frank