I have a Walther PPS in .40Caliber They just came out with a Walther PPS M2 but can only find them in 9mm. I was thinking of trading for the new M2 model. With these new Self defense bullets out there I wonder if there is no disadvantage going from .40 Cal to 9MM ?
9 mm vs. .40 S&W has been debated over and over and over again. You can find a lot of answers by just using this forum's search function or Google. In short, all service handgun calibers have poor stopping power, which is why the standard argument is to choose the biggest caliber you can shoot fast and accurate with.
The difference between 9 mm vs. .40 S&W (or really 10mm short) is 0.039 inches (1 mm) in unexpanded diameter and 0.078 inches (2 mm) in diameter after the expansion of a JHP round. The penetration depth of both rounds is the same. While .40 S&W has more energy and more momentum, it needs both to achieve the same penetration depth as 9mm. The secondary effects of the energy dump when expanding look better in ballistics gel for .40 S&W, but are less impressive in reality. Real wound channels of both rounds are quite close. 9 mm pistols hold usually more rounds in the same size gun than .40 S&W pistols. 9 mm is less snappy than .40 S&W, which allows faster follow up shots.
When people talk about "new self defense bullets" or "wonder rounds", they really just mean properly designed JHP rounds that have been
around for 15 years, when deficiencies in consistent JHP expansion and penetration depth were addressed. Today, any quality self defense round in a service caliber performs as expected. "New self defense bullets" or "wonder rounds" are terms of the past, unless you mean completely new designs of frangible bullets that are less effective than standard JHP rounds.
If you want to know more about proper caliber and ammunition selection, this article is THE reference you should look at:
Best Choices for Self Defense Ammo. It provides the scientific background for arguments and self defense ammunition recommendations for many calibers.
Now, back to your OP. Why do you want to swap models and calibers in the first place? What is your motivation? Do you have any defensive handgun training? Would't your money be better spent on ammunition and a defensive handgun class?
Mindset, skill and gear are the important factors in a gun fight. Most people ignore the first two and go all out nuts on the last.