I was fortunate enough to snag one of the new M&P FPC 9mm Carbines, and had the opportunity to run 200 rounds through it today.
My thoughts and observations:
It shot very well with zero malfunctions in this small sample size, using 115gr Magtech ammo. I was at an indoor range that maxed at 25 yards, but it was precise enough that I feel that I was limited as much by the 2 MOA red dot and my vision as I was the FPC. I ran a few limited shooting drills, and it's quick to maneuver and easy to control. It's the only PCC I've ever shot, but it felt similar in handling to an AR15 - maybe slightly more recoil, but also slightly handier due to weight/balance.
The magazines in the stock are a gimmick, but a welcome one. I found I can draw the inside mag very quickly and easily with one hand, but the outside mag catches on my hand/arm holding the grip, and it's even worse if the inside mag hasn't been removed first. Shooting with two loaded mags in the stock is comfortable and I didn't really notice the weight because it's supported by the shoulder.
The charging handle was very stiff at first, requiring a balanced pull (finger on each side) to operate, but it has since loosened up and can be charged comfortably by pulling one side only.
I own several M&P 2.0 pistols, so the grip was familiar and comfortable. I appreciate the magazine commonality (and the addition of the 23rd mags!). Factory 15, 17, and 23rd mags all worked without issue.
The bolt catch sucks - this is probably my biggest gripe with the FPC. The lever on the left side is useless and the one on the right is only slightly better.
The trigger is solid and feels pretty good. About a 4.5lb pull according to my gauge. I'm a bit spoiled with Apex trigger kits in all my M&P pistols, so I'm really hoping they come out with something for this.
I'm not really a fan of the magazine release. The idea is sound - it's identical to that on the pistols - but it's awkward to manipulate for me. I'm average sized, and I can't reach it with my thumb without slightly rotating the firearm in my grip, which doesn't really work because of the size of the firearm. I thought about reversing it and using my trigger finger to manipulate it, but ultimately decided that I'd rather use either my offhand, or with a smaller grip adjustment I can reach it with the middle finger on my right hand.
Being able to fold the firearm and fit it in a small bag is great, and I suppose the main feature of the FPC. Losing out on the left-side MLOK slots is a worthy tradeoff.
For those interested, the accessories I put on it are: a Primary Arms SLx MD-25 2 MOA red dot; an Emissary Handbrake; and a TLR RM 2. I'm going to try out a flash hider since it has the threads, and maybe someday a suppressor (don't have one yet). I'm also going to play around with a sling and see how that works out.
Edit: spelling mistakes