A friend of mine is a gunwriter. He had the .38 and .380 Bodyguards in for an article and I got a chance to shoot them.
The .38 is OK, sorta, the .380 (assuming it proves long term durable and reliable) is going to be THE .380 pocket pistol IMHO.
The grip has a good secure texture. The slide is Melonited so it won't rust. The gun has REAL sights, sights that you can actually see. Decent true DA type DAO trigger (as in with re-strike capability, not that I think it's good to take multiple whacks at a bad primer, but this makes dry fire MUCH easier).
Small, light, but with just enough mass and a good grip design to take the snap out of shooting the gun.
The Kel Tecs and Ruger LCP start to sting my carpal tunnel after a few rounds. The S&W I shot about 100 rounds through, mostly ball but also quite a few Cor Bon 90gr JHP. Even with the Cor Bon the little gun was very tame.
I want one to test further, so far I like it.