"Smiley" is a very common term used on this and other forums which describes the smiley shaped indentation on the nose of a bullet that results from the bullet contacting the base of the feed ramp during feeding.
This was a very common occurrence mostly with older P-3ATs. The fix for smilies was worked out by members of this forum and the other Kel-Tec forum. As a result Kel-Tec used this information to redesign the feed ramp on the 2nd generation version and the problem has since been almost totally eliminated. That said, it did not completely eliminate smilies on all 2nd generation guns. I know this because my 2nd generation P-3AT had slight smilies when I first got it. I did a very minor "rampectomy" (another term common to this subject) and that stopped the smilies on my gun.
If you do a search on the word "smiley" or "smilies" or "smileys" and "rampectomy" you will find many thousands of posts on the subject along with its possible effects and remedies.
Edit...
Dang it RC you did it to me again! You beat me with a much better and less wordy answer again - this getting old about now! ;D
Holy crap! not only did RC beat me, RAT and adams did too! I guess it just takes me too long to compose a simple post - I'll blame it on old age.
