I haven't shot much of it (it's always sold out when I try) but what I have shot I've been pleased with. It shoots to the same point of aim as the other practice ammo I commonly buy and seems to be just as accurate as the other budget ammo I typically have on hand.
No function issues so far.
The P95 can get finicky if it's not lubed sufficiently.
Also, with regard to your comment about shooting a round with the magazine removed--it's not uncommon to find that a gun won't eject normally when the magazine isn't in place. The magazine follower can play a part in the ejection process.