The M3 was a cheap, stamped-steel tube-based sub-gun based somewhat on the concept of the STEN. They were made by the Guide Lamp division of GM as a cheap, fast alternative to the M1 Thompson. M3s are open-bolt, full-auto-only sub-guns in .45 ACP, though a small number of 9mm adapters were made. As production went along, they were made ever more cheaply, omitting features to increase production and reduce cost. Most notably, to charge the bolt, you had to use your thumb on a depression on the bolt itself through the ejection port. This is NOT something you want to do with a hot bolt!
These guns were very crude, and were primarily a bullet hose. The heavy bolt makes them chug along reliably, but they are nearly impossible to fire with any real accuracy, and the wire stock was near worthless. Let's not even mention the fixed sights.
These guns were suitable only for close-in work, such as trench-clearing, or for hosing "crunchies" off of tanks, a role they continued to do until the early 90s in a few units, because they were better than full-length M16s.
A few GIs really liked them in Vietnam as they were reliable, fairly compact, and fired a nice big bullet, but remember that they had a squad of guys to back them up with M14s, M16s, and M60s.
-Troy