Here's a quick range report, as promised (better late than never...).
I went through about 220 rounds of Federal 230 gr. FMJ, Blazer 230 gr., and Federal HST 230 gr. +P. No malfunctions of any kind. I was concerned about the reliability of the HSTs in this gun after reading some user reports, so I was relieved to not have any problems. However, this round does have considerably more recoil, and I think I've decided that the additional time required to get back on target isn't justified by the difference in velocity.
I like this gun a lot. It's more accurate than I am (shooting with contacts sucks, and I need a lot more practice). It's my first .45 and I haven't shot one in a while, but it didn't take long at all to get accustomed to the recoil. I really think that I enjoyed shooting it more than my P239 9mm. I was bitching about the cost of ammo, but hey, this is fun!
So it's definitely a keeper, and I'm going to get a holster and mag pouches for it and probably make it my regular carry gun. And maybe get some night sights, and I'm going to look for an aftermarket grip... and possibly a light.