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I have a M&P15A that has about 500 rounds through it so far. It will be going with me to a carbine class this April so that will be its big test.
The lower receiver was out of spec and required me to send it back to Smith and have them replace it, since then I have had no issues.
One thing that hasn't been mentioned yet is that I feel the triggers on Smiths are far better than on any other 2nd or 3rd tier gun I have seen and IMHO far better than on my Colt 6550.
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Got issued an early Smith & Wesson M&P-15 as a duty patrol rifle a little more than 2 1/2 years ago and it runs like a champ. Somewhere in the order of 3000-3500 rounds through it and I've had absolutely zero failures in it. Its also very accurate. When I took the patrol rifle instructor class at the S&W academy, I ran it the entire week with no cleaning or lubrication, and it had no problems, and that was with crappy Wolf ammo!
Our original S&W rifles were stock, with carry handle sights, and plastic single heat-shield handguards. We've now upgraded all inventory and all new rifles with a Troy drop-in battlerail, streamlight weaponlights and Troy rear fixed battlesights.
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I recently got an M&P15T and haven't got a chance to shoot it yet, so I can't be of any help like the rest of these gentlemen have been; but I've done plenty of research on the interwebs and haven't found any bad news on them. (except early models which had a magwell problem that interfered with Pmags.
http://img222.imageshack.us/img222/9386/mp15t9.jpg
I'm going to go shoot this baby later today. :) Very excited.