First Impressions (4/5)
The M400 comes in a decent presentation box - completely typical for Pelikan. Of course the pen itself is rather atypical for this conservative brand. I had seen plenty of pictures online, and the pen lived up to them in person.
Appearance (5/5)
The pen looks better in person than it does in images. The barrel features tortoiseshell stripes and is quite transparent when empty. You can definitely see the piston move - it's almost a demonstrator. Cap and blind cap are white. Pelikan adorned the M400 with plenty of gold bands - I especially appreciated the band on the nib-ward end of the section. The nib is finely finished and beautiful, with crisply defined tones and an extremely solid, luxurious look. This is a flashy, elegant pen.
Design/Size/Weight (5/5)
The cap posts securely, the pen is extremely light, the clip works, what more could you want? It's a very small pen, but I find it well balanced and very nice with the cap posted. If you don't post the cap you may find it too short.
Nib (5/5)
Out of the box this nib wrote amazingly well. Smooth, stiff, just a little feedback from the paper - it's remarkably like driving a VW (or another precise, delightful German car). I bought it in F, and it's a true fine. Flow was excellent, just right (maybe a 6 on the 1-10 scale).
I bought my M200 from Richard Binder, and this M400 came from Pam Braun. The steel Binder nib has a bit of an edge over the stock M400 nib, but the M400 pen is smooth and nearly perfect without any professional adjustment. Plus it's gorgeous looking.
Filling System (5/5)
Pelikan piston - reliable, fun (in the nerdy way that fill mechanisms are fun), capacious. Nothing new here, but it's pretty much perfected.
Cost and Value (6/5)
This pen was $107 shipped second day from Pam Braun. Why aren't you getting out your wallets? (No affiliation)
Conclusion (5/5)
A well-designed, stunning, flawless performing pen. Some FPNers have reported cracks in the cap. I've had the pen less than a day so I can't comment, but I should say that Pam was willing to check the pen out for this problem before shipping.