After I've been having some "problems" with my PPS M2 concerning mags not dropping free and no working fix, I realized that I'd rather have a harder time pushing the mag release on drop free mags of higher capacity than having to manually pull out each and every mag from my PPS.
So I revisited the store and did some more in-depth comparisons. I walked out with a P365 XL. I have since shot it side by side with my PPS M2 (now sold) extensively.
Some observations:
The P365 is much smaller than the PPS, yet it holds 10 rds vs 6 rds.
The PPS M2 with the 7 rds mag is pretty much the exact the same size as the P365 XL.
On top of that, the layout of the P365s are way way better than the PPS. The are of course preferences of ergonomics coming into play, but objectively speaking: The bore axis is lower, the slide is lower and sits much lower on the grip (making recoil management easier), the sight radius is better relative the barrel length, the barrel length is longer on the XL vs the PPS, yet the slides are the same length. The layout is just better planned out for the size of the P365s, over all.
The P365 is like a shrinked full-size gun ergonomically, whereas the PPS is a full-size gun where the ends of the grip and slide has been chopped off.
When shooting for groups at 25 meters, I get almost half the group sizes with the P365 XL than with the PPS M2 - 2.5" vs 4.5". And this is with ammo optimized for the PPS M2, I have not had time to load for the P365 XL yet but I doubt I can do better. The barrel lock-up in my P365 XL is really rock solid with zero play.
The PPS trigger is better and the mag release placement is much better than the P365/XL. The P365 XL trigger is very easy to shoot well but it lacks a crisp break when the shot goes off.
The PPS also have more power in the striker. I don't know if this can be fixed, but my P365 XL struggles with hard primers such as military ammo, problems the PPS does not have.