I would rate its effectiveness ahead of the .32 ACP and slightly below or par with the .380 ACP, especially now that Winchester, Hornaday, and Speer are loading premium ammo for it.
It would not be my first choice for self-defense guns, but I would be really interested in an 8-shot S&W 351PD as a modern Velo-Dog type gun that I could carry in a belly band while running trails, or as a backup gun.
Also, I am intrigued by the Kel-Tec PMR-30. Sure, it's just a .22 mag, but.... 30 rounds in a magazine in what is still a pretty compact gun? And even if you ended up deciding against it as a carry gun, I bet it's a ton of fun at the range.
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