I have owned both a PPK (not a PPK/S) and a stainless P232. Here are a few random thoughts.
The P232 differs from the P230 in that the P230 does not have a firing pin block / lock -- if that matters to you. All the current SIG, Ruger, Glock, S&W, and about anything else you can think of, has a firing pin lock these days. The exception, of course, is the SR 1911 and other non-80 series 1911's.
I like firing pin locks - one more drop safety on a firearm is a good thing.
I loved the P232 - it was a favorite shooter. And what a shooter it was. You just looked at the target and, if by magic, holes started to appear in all the right places. But, and it is a big but, if I did not have my hand in the EXACT right spot, the recoiling slide would slice the meaty part of my hand between thumb and first finger wide open. It is difficult to continue a range session with blood dripping all over the place. That is when I started to include Band-Aids in my range bag.
Even today, ten years or more after I sold the P232, sometimes I will notice the scars on my right hand and think fondly of that pistol. But not fondly enough to buy another one!
My PPK was from the time period when they were being made (not imported but made in USA) by Interarms. It was also a good shooter. It never bite me. Most folks who get bite get bit by PPK's, not P232's, but I seem to be the other way around.
One day shooting the PPK, a couple pieces and a small spring fell out of it. Turns out it was the DA sear piece mounted on the hammer. It appeared to have been an early MIM part that did not work out well - broke in half right at the pivot pin hole. I have never pursued fixing it, as it works fine in SA. The DA first shot capability is gone, but it works great in SA.
These days the 380 ACP role in my stable is being filled by a SIG 238. Firing from a locked breech rather than being a strictly blowback like the PPK and P232, the force to slingshot the slide is many times less than either the PPK or P232. And it is also a great shooter.
The PPK is an older design with lots of small intricate parts. And the sights are the lesser of the three.
My ranking of the three mentioned above would be (high to low) SIG P238, SIG P232, and the PPK. But there is not a real loser anywhere in the mix.