The cartridge is in between a 9mm Luger and a .380. It's probably closer more towards the .380 in stopping power. It has more horsepower than a .380, but bullet selection is pretty poor compared to that round in loaded ammo. In reality, there probably isn't that much difference in the power of any cartridge in it's class.
The gun is a Soviet design. Like most things Soviet, it works and it works well. Reliability is very high in these guns. They are well known for reliability. Think of it as having simlar reliability to the AK.
I had one and it was accurate enough for service use. Mine had a basic stock serrvice trigger that was heavy and stunk. It shot good enough for defense, plenty good enough. If I had done a trigger job to it, it would have turned in better groups. The East German triggers are good as a whole. The sights are really pretty good for a small auto.
Under $200. The last wholsale price was $90 for Bulgarians. They went for about $125-135 in gunshops. East German ones hover around the $200 mark. No one has any right now as far as distributors go. Collector ones go for alot more. There are supposed to be a bunch on the way in, but who knows how long that will be. I'd say if you find one for around $150, then that's OK, more than that and you should think carfully. It's not that they don't deserve a hgiher price, they're a damn fine gun, it's just that anything East European doesn't cost much because of economics. If it were produced in the US, it would be a $350 gun.
Personally, I'm looking for a Makarov myself (actually I want two). I'm figuring on spending $150-200 each for them, but I know the different versions, and what exactly I want, and the condition I want it, and I'm more than patient. I should be able to beat that price no problem for what I want.
They are a well made pistol for little money. They have a steel frame, so they may be a bit heavy for some for carry, but recoil is stouter than a .380, so I like the steel frame personally. They are a very nice size too, not too big, not too small. They're a great gun. If you want one, get one.
Ross