Next one in line would be the M400, but since I don't have one of those to show you, I thought I'd review this M205, which is basically the steel-nibbed alternative to the M400.
How I understand it, the M400 and this M205 (or M200, or that matter) are similarly sized, so when I talk about dimensions and usability, those thoughts can also be extended towards the M400.
Let's talk about the design first. The overall appearance is quite similar to the Souverän pens, though a bit less fancy. The metal top finial on the M400 is replaced with a plastic (or in some cases a combination of both metal and plastic.) one, on which the logo is stamped instead of etched. The cap band and ring around the piston knob consist of a single ring instead of a double one on the Souverän. When it comes to looks, the steel nib is much less intriguing than the souveran nibs, no intricate line patterns, just a pretty plain steel nib. BTW, for those that are wondering: this particular model is a special edition blue demostrator that has been discontinued a while ago!
The dimensions are quite a step up from the 'pocket' M300, it's not huge, but the difference is definitely noticeable when comparing the two. Posting is possible, and neccesairy in some cases. I'm able to use it unposted, but my hands aren't huge, so for people with larger hands, posted is probably the only comfortable way to go! It's a lightweight pen though, so posting doesn't affect the balance.
Build quality is almost as good as the Souverän series -which could be considered 'perfect' (Is there such thing as perfection though?)- It's not made from precious resin, instead it seems to be injection moulded acrylic. There are a few light seams visible on the section, but they aren't annoying or overly noticeable.
As expected, performance of the steel Medium nib isn't on par with the much more expensive 14k gold Souverän nibs. Though that doesn't mean it's bad! The simple steel nib is fun to use, has a bit of spring to it, and has a nice wet flow with most inks. It's not the smoothest of the bunch, with quite a bit of feedback. You'll have to decide for yourself if that's the kind of nib you like. There have been some reports of users that had really bad writing experiences with it, but I'm definitely not one of them. Overall, the steel nib is good, but not great.
Putting a 14k M400 nib in this would definitely make this an even better pen, but it would also kind of destroy the point of having a cheaper option to the Souverän pens, wouldn't it?
At a price of around 100 to 120 EUR / 100 to 160 USD, the Pelikan is definitely not the cheapest steel nibbed option available. For comparison, a quick internet search could also get you a Platinum #3776, or a Lamy 2000 (in some parts of the world at least!), both with a gold nib! So is it really worth it? Well, from an everyday use point of view, I'd say no. But if you're willing to spend the money on it, I'd say go for it! In my experiences, it's a great pen, and it has the same great looks as its Souverän counterparts!