I've had my M206 for about a year now. Mine is a bit unusual in that the standard M206 has a 2" barrel and wood grips. Mine has a 3" barrel and rubber/plastic grips like on the M200. I guess it was built as sort of a tweener.
It shoots great and has been 100% dependable. Extremely accurate too (comparatively) out to 25 yards. The only problem I've hadafter about 1,500 rounds through it is in the cylinder release mechanism, or the thumb piece as S&W calls it. If you don't keep it well lubricated, I use with lithium grease now, it'll bind and not let the cylinder unlatch to swing out.
IMO, these are an extremely good value for the price.