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I have several Walther P99s, in both 9 and 40. One of my 9mm 99s is an early Interarms import and has been used in IDPA for several years. I have probably shot at least 10,000 rounds through it. Has been very reliable. Like other pistols if you don't clean it (after many rounds) carbon can build up on the feed ramp/chamber area and cause failure to go into battery. My 40 has experienced a case head seperation and the only damage was the extractor blew out and had to send back to Walther to get replaced. Recoil on the 40 is sharp.
As stated, quality (factory) magazines are expensive, but Midway has them on sale occasionally, just have to keep an eye out. Stay away from promags for the Walther. S&W99 magazines are made by Mecgar (this is the factory mag).

Good resources for Walthers:
http://www.waltherforums.com/forumdisplay.php?f=6" onclick="window.open(this.href);return false;
http://lundestudio.com/WaltherP99FAQ" onclick="window.open(this.href);return false;

Bob