I guess I'm one of the few people that have had good luck with my PT-111. I bought mine used about 2 years ago fo $199.
The only detractor to the pistol is the hard double action only trigger. I'm a big guy and after several hundred rounds my finger will get tired, but at least I dont have to worry about the pistol accidently going off if I bump the trigger. I would recommend dry firing the pistol before buying one to see if you hate the trigger. Many people cannot live with the DAO trigger, and its probably the number one reason people sell them. By the way, I have heard similar complaints about the Kel Tec P-11.
The pistol was built for concealed carry, and it's not a target pistol. It's more than accurate enough for the close ranges you would expect to encounter if you were needed it in an emergency.
Mine, at least, has been %100 reliable with everything I have put through it; golden sabers, Hydra-shocks, UMC, and even hand loads (whick Taurus does not recommend).
It's small enough to fit in my pants pocket. For a 9mm pistol that holds 11 rounds its very compact. Its "carry alot, shoot a little" type pistol.
The PT-111 is a little tricky to reassemble after cleaning. The first time it took me half an hour to get it back together. Now it takes about 30 seconds. The trick is that "the breech end of the barrel must be pushed downward when placing the slide on the frame". Once you get the hang of it, it's a piece of cake. By the way, the above quote is from an excellent article on the Taurus Millennium in the July 2001 American Rifleman.
I have heard of some people complain that the Mec-Gar magazines make a rattling noise even when fully loaded. I have had no trouble with mine
GOOD
Inexpensive
Small 11 round 9mm pistol
Light
External safety
Rounded edges
BAD
Heavy double action trigger
Not target pistol accurate