My cousin has a first-gen M40 and loves it. He prefers it to his Glocks. His has been utterly reliable.
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other than being scary ugly?
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It's a blocky pistol for sure, but the ergonomics are good (better than Glock, not as good as a Walther P99/PPQ). The fit & finish is better than any Glock I've ever seen (but again not quite to the level of Walther).
The only significant downside to the Steyr pistols are the paucity of available accessories.