I've carried one every day for the last year---excellent little gun. Actually I have four, although only one rides in the holster. Carries very nicely in a wallet-style hip pocket holster, and with my actual wallet in the other it balances things out nicely in terms of sitting down (just having one or the other gets uncomfortable in some chairs).
Two things: This is actually one of a very rare breed of pistols that's more reliable with most hollowpoints than many FMJs, the reason being length of the overall cartridge and the angle the magazine stacks the bullets at. The longer FMJs (100 and 105 grain) can create a situation where the nose of the next cartridge in the magazine is pushing on the spent case of a just-fired round as the gun is trying to eject it. This can make the case rim pull out of the extractor and become a sort of reverse-stove pipe (with the primer facing up). Every single one of my 238s exhibit this behavior with heavy FMJs, though Winchester's 92 grain white box bulk ammo works just fine.
Conversely, the stubbier hollow points do just fine---all of mine eat Gold Dots, Hydrashoks, Critical Defense (longer bullet but with an extreme taper) and Golden Saber just fine.
Also, yes they're an unabashed copy of the Colt, but with a few differences. First, the grip is actually longer in terms of girth (front strap to back strap) which makes it more shootable than the old Mustangs, at least for me. Second, and this is the real kicker---the Sig's parts are heat treated correctly. Colt decided to save money back in the day and didn't HT their slides or slide stops. I had it explained to me that they chose a steel that was supposed to work harden. Well, that may have been the decision they made, but it sure as hell didn't work. I have a half dozen Colt Government 380s and one Mustang II, and all of them exhibit wear around their lugs that is WAY out of step with how much they've been shot. Also, each of their slide stops has a bend in it, and two are so bent that I'll never take them apart again, as I don't think they'd be assemble-able again. Go to Numerich arms or any other gun parts directory and just TRY to find replacement slide stops for those old Colts...they've all been eaten up over the years. Sig was aware of the problem, and they didn't repeat it (yes I'm aware of the current HD problems--but that's a limited manufacturing defect, not a design choice).
I hate to say it, because I love those old Colts (and REALLY wish Sig had also come out with a copy of the Government 380 and not just the Mustang) but the Sig is a better gun. Same design, better execution.