I recently picked one up from Calgary Shooting Centre. So far, it has run well for the first few hundred rounds. I wouldn't say the accuracy is horrible, but I definitely agree that something like a Ruger or Buckmark is a better choice as a dedicated 20-25 yard target pistol. The M&P is at its best as a casual plinker or an understudy to its centrefire counterpart to give you extra trigger time with a similar-feeling pistol at lower cost.
It does come with a magazine disconnect and manual safety levers, both of which are easy to remove if they annoy you. The grip size is the same as for the medium insert on a regular M&P, so you are SOL if you prefer the small or large one. External dimensions are close enough that it will fit into M&P holsters.
Given that Advantage Arms does not offer a conversion kit for the M&P like they do for the Glock, this is the next best thing.