It's actually called an LCP. I have owned and carried one for 7 years. Most of the things you say are true. For me though the positives outweigh the negatives. It's hard to find a better more reliable pocket gun. The one really bad thing for me is that the gun beats me up at the range. It's just not fun to shoot. In seven years, I have fired fewer than 300 hundred rounds through it as opposed to thousands out of my other guns.
Recently I purchased a S&W Bodyguard and I think it handles recoil better, has usable sights, gives you second strike capability which is a huge asset in a self defense gun, has in my opinion a smoother, non stacking trigger, and still weighs only 11 1/2 oz. you might give that a look.