According to both KelTec and Buffalo Bore, the BB "+P" .380 is OK for limited use in P3ATs. It'll no doubt accelerate wear, but it's not going to cause the gun to kaboom on you, either. BB's position is that it's safe to use in *any* properly operating .380, though I'm not going to be the one to test it out in some Davis zinc pocket rocket.
And Go Ordinance...they call it "+P" because calling it "Way Out Of Spec" didn't seem to help sales any...
SAAMI is the keeper of agreed upon standards for the industry, not KelTec and Buffalo Bore. +P in 9mm Luger or .38 spl, for example, is a defined standard based on chamber pressures. "+P" in .380 is whatever the guy calling it "+P" wants it to be. You don't know if it will go kaboom or not.
--edit--
Found the link to the LCP forum. Magtech +P Kaboom's an LCP. LINK