I love mine. I was gifted a Neverfull MM for college graduation - but the very first LV bag I bought with my own money was the PSM.
You can wear it crossbody along with backpack style (or one shoulder) and it is very cute. Naturally, if you like to carry a lot of stuff - this may be a bit small for you. But it carries my essentials - my Victorine wallet, card holder, sanitizer, key pouch/car keys, and lotion with still room to spare. I could even fit my Toiletry 15 in it if I played Tetris with my stuff (but that would be pushing it).
I've had mine for almost a year now and I would say the only wear and tear that concerns me is the front pocket corners - but the scuffs I've noticed are very very miniscule and barely visible.