OK, now that I'm home and have a minute I'll try to answer your question.
First I need to say that I don't consider myself an expert on Pumas. I can only speak from my own experience. I have enough of them to draw some conclusions, but this should not be construed as universal truths.
Puma used to make great knives. They were of a high quality, especially compared to other manufacturers at the time. They cost more, but they were good. Then in the late 80s they raised their prices significantly, which priced them out of the American market. Within a few years, and also due to a new president (or so I heard) they began taking cost cutting measures. Now their knives cost less than they did 20 years ago. But something had to go in the process.
By newer knives, I mean the laser cut models. Some of their older designs are still decent, but even there you will have to inspect them to make sure the quality is there. In fixed blades, the stag handled knives, White Hunter, Skin Master, 4 Star, Bowie, Hunter's Pal, etc. are all older designs. I believe these are all still built relatively well, but don't buy one sight unseen. I have heard (but not yet seen) that the brass washer cups for the pins that hold the stag on the handle are much smaller now than they used to be, which is a step in the wrong direction. In folders, the stag (Earl, Duke, Prince, Emperor) and the wood handled (Trail Boss, Game Warden, Deer Hunter) knives are also the older design, and if you see them they should generally be OK. Having said that, I have a recent production Duke, and although it is nice (especially the blade grind), it still does not match the fit and finish that they had 15 years ago. And because of the Sambar stag embargo, you can't get the nice, dark stag any more.
Puma makes some of these models with plastic handles, which are OK as far as I have seen, but check it first. I have also seen some of the more modern design folders (Protec, Sportec) that looked OK.
The stockman I have (or my son has) is a recent purchase. It was quite a bit less than the stockman cost 15 years ago. But the quality, most noticeably the blade grind, is nowhere near what it used to be.
I only hope that Puma is not taking quality compromises with the steel. They used to make a point of using hot rolled steel, and hot forging the blades. I don't know if they still do this now (not likely with the laser cut blades). The more expensive models (the older designs) may still. Puma really nailed the heat treat on the steel they use. It does better than many steels available today. It may not be better than ATS-34 (depending on how well the ATS-34 is heat treated), but I would stack it up against anyone's 440C. I have tested one of mine against a Benchmade 440C, and my brother has tested a Puma against a Benchmade ATS-34, and in both cases the Puma held its edge longer. I have not tested either of the newer Puma blades in the house to see if this is still true.
The thing you have in your favor is the shop near you where you can look at the knives before you buy. If the fit and finish are nice, and the blades are ground well, then it is a good one. That should be the bottom line. If it passes your inspection, then don't hold back on buying one.
