I have a S&W SS PPK in .380, and having shot both, would vote for a PPK (or a PPS if you can find one - same size, 9mm, more Glock-ish if you're into that). Sure, you lose one round, but the carry profile is a lot less. The extended mag w the pinky rest on it makes the weapon more controllable some. Some of my more German relatives also see the PPK/S as the franken Walther, since it's a PPK slide on a PP frame.
Mine likes all kinds of ammo but the AE stuff. Even Wolf (and for the naysayers, the .380 came in steel cases prior and during WW2), although not for carry, since the primers are pretty hard on occasion, needing a double strike. Great for flinch practice through.
Good enough either way, and +1 to the guy that said he would not want to be hit by one. The .380 will do the job if asked to. German cops carrying a PP drop bad guys with a single shot at >25m, and that's good enough for me.
Oh, and I use a Galco IWB holster, or park it in some pocket.