I just got a LCP today after waiting since June '08 (It's now October!).
I have to say that I'm not all that impressed, especially for something with the Ruger name:Compared with the Kel-Tec .380 auto it looks nicer and it does have a slide stop (although you have to manually set it...so that's not such an advantage really)
It kicks just about as hard
Mechanically it feels a bit tighter...slide play and etc.
I took it to the range straight away and put 50 Winchester Valuepacks through it nice and slow...no problem. It was pretty inaccurate past 25 feet and wanted to place the bullets low and to the right of the X ring....it did so in a nice tight grouping. 1 inch down and 1 inch to the right of the X ring. (OK...I know that could be me, I understand that but I've been shooting for a long time and I did have a Ket Tel 380 auto for years...so I am somewhat comfortable with small pocket rockets.)
BUT...and this I am not happy about AT ALLl....after 50 rounds I loaded up for some front-sight-only-on-the-target-fast-as-I-could squeeze 'em off shootung. It lasted about 25 rounds and then........nothing.
No fire.
I could pull the hammer back all day, pull it back hard and ...nothing. The hammer remained frozen in that 1/2 cocked position. I checked inside...no stuck brass, made sure the slide was seated correctly...still nothing. Racked the slide about a dozen times...nothing.
I would've hoped for better from Ruger. It made me wonder if they got massively backordered this past summer because they did not correctly anticipate the demand and then suddenly started flooding the market with 2nds, less than Ruger quality or units made by some contract manufacturer. That is not uncommon for other companies to do that when they get caught by overwhelming demand.
The Kel-Tec looked cheap, kicked harder. threw brass back into my face about every 3rd round and after about 2,000 rounds started to stovepipe...but every time I pulled the trigger the hammer fell. I liked the real DAO of the Kel-tec too...that 1/2 cock of the Ruger hammer makes me wonder if it'll go bang if (lightly) dropped.*
It's going back tomorrow.

The Kel-tec .32ACP I bought this Spring has the same 1/2 cock configuration...it must be something new.