I bought this guitar as a replacement for a Peerless Monarch.
It has a laminated top, as opposed to carved, and set in humbucker, so less top vibration and a rather more electric tone -- not quite as woody and 'natural' as the Monarch. Still, it's quite a classic jazz tone all the same.
Compared to the Monarch, the PM200 is a tad more versatile, mainly due to its tone knob which works wonders in every position. I've never had a tone knob respond quite as nicely as this one does. Between its tone control, string gauge/brand changes and adjusting the pickup height, there's a whole ton of variation in clean tones at your disposal. You can get a lot more out of it than merely a Pat Metheny tone (which is achievable by rolling the tone off all the way).
The craftsmanship and stability of this guitar are spot on, too. Fit and finish is what you'd expect from a Japanese made guitar. Blemishes are minor, and on the whole the guitar feels solid and well built.
In short: great playability and tone. Recommended.