Arguably the best handgun in Fallout and second best in Fallout 2. Only the Gauss pistol beats it in damage per shot, and it fires .223 FMJ rounds, which have the best DR modifier and second-best AC modifier of any ammunition. In addition, it is one of the few ranged weapons with the Weapon Penetrate trait which further reduces DR of the target. The only downside is the low ammunition capacity, a paltry 5 rounds.
When this weapon was carried over from Fallout 1 into 2, the developers neglected to change the description. While in the first game this was indeed a one-of-a-kind weapon, several of them can be found throughout the game in Fallout 2, making the description a bit ironic.
The .223 pistol, despite being labeled as a pistol, uses sub-machine gun animations. This prevents certain characters, like John Cassidy or Vic, from using it, but allows others like Sulik and Katja to do so.
In the WORLDMAP.TXT for random encounters, the .223 pistol is referred to as an autoloader.
This pistol's appearance is modelled exactly after Deckard's handgun in Blade Runner, right down to its double triggers and red LEDs.
The .223 pistol was planned to be included in S.T.A.L.K.E.R.: Clear Sky as an easter egg, along with the Bozar and generic .223 ammunition, but only remains partially implemented in the game's resources.