The SP-01 is a much better pistol than the Phantom. The steel frame will outlast the polymer but if you are a normal shooter either will last you a lifetime. I've seen the steel frames go over 100,000 rounds. No interchangeable grips on the SP-01 but you can buy aftermarket grips in many colors, materials and sizes.

yes it does

the SP-01 does not include interchangeable grips Its a very good gun I prefer it over the Phantom specs Specifications and Features:
CZ-USA CZ 75 SP-01 Tactical 91153
Semi Automatic Handgun
9mm Luger
18 Rounds
4.6" Cold Hammer Forged Barrel
DA/SA Trigger Mechanism
Night Sights
Ambidextrous Decocking Lever
Firing Pin Block Safety
Picatinny Accessory Rail
Steel Frame
Rubber Grip Panels
Matte Black Finish
Overall Length 8.15"
Weight 40.5 oz

Stephen, the SP-01 Tactical does not include interchangeable Grips. It is on par with the Phantom function wise. http://cz-usa.com/product/cz-75-sp-01-tactical-9mm-black-3-dot-tritium-sights-18-rd-mags/