You certainly can't include the operation of the manual safety in that assessment.
Oh, I don't know. Seems to work just fine for me and I find it to be a very intuitive design. Different strokes for different folks, I guess. It's not a 1911 or P35, but I never expected it to be. Not everything has to be the fastest tactical switch in the west. When I hold a 1934 in my big right paw I find the safety/slide release lever exactly where I expect it to be and to move in a very natural, albeit lengthy, motion.
My only complaint about the setup is that I'm left handed. But when I shoot the pistol right handed it feels right.
I get a little hammer bite from the 1934, but no more than many other pistols I own. I guess I just have fat hands.