It depends on what you intend to do with it. I'll concentrate on the home defense aspect of it. The carbine didn't seem to gain universal law enforcement acceptance until the infamous North Hollywood shootout, but it became popular for one single reason--armor.
Now it seems like EVERYONE NEEDS a carbine for a primary defensive weapon, but unless you plan on encountering North Hollywood, all those other non armored (ie 99.999%) situations were handled by shotguns before and I think shotguns are still relevant. They apply to many situations except the extreme end such as body armor and longer distances where the shotgun isn't designed to satisfy.
As a jack-of-all-trades firearm it is still very applicable in today's world in my opinion and I'm not some old fart that grew up with a wingmaster. I love my 870 as much as I love my carbines, even though it pummels my shoulder relentlessly
-use less lethal munitions for less lethal purposes
-birdshot for clays, skeet, waterfowl and similar
-buckshot for larger game or human threats
-slugs out to 100 yards or dangerous game or engaging targets further out. Very high knock-down power.
-flares for signalling
-OC/CS type rounds but very unlikely for everyday Joe to use.
-breaching, unlikely for everyday Joebut likely for law enforcement
I wouldn't depend on a shotgun outside 100 yards or even 50 yards but 99.99% of most home defense encounters are short distances on the order of a few yards.
-one hit with a 12ga 00 buckshot round is similar to a simultaneous 9 round burst of 9mm.
-one miss with a 12ga 00 buckshot round is 9 stray projectiles
-lead shotgun pellets penetrate less than bullets as they deform much easier, might be a good thing if you miss or want minimum penetration into environmental barriers
-slugs have a lot of mass and are hard to deflect, even through windshields and door panels.
-change munitions quickly to fit the situation
-reload single shells at a time into the chamber, can be useful (ie slug for longer range)
-you can't plug in a full, fresh mag like a box-fed rifle, tube magazine is limited in how many rounds it can carry (usually 5-8)
-I believe shotguns are still quieter to some degree than a high velocity rifle so you'll save your ears a little more if fired inside a home.
I have an AR15 and a Remington 870, both "tricked".
On camping in the Olympic National Forest here in Washington with critters and sharp teeth abounds, I took the Remington 870 after carrying an AR15 the first time around which I didn't feel the .223 would help me out too much if something big and brown came along.
On home defense, I keep the Remington 870 ready.
I also have a Saiga-12 which takes a 10-rnd box magazine...I personally think its superior to the older pump-action type shotguns but the DA will have a field day if I use something that evil on an innocent methhead breaking into my house.
Note I keep away from silly "arguments" about racking the slide and whatnot.
“The practical success of an idea, irrespective of its inherent merit, is dependent on the attitude of the contemporaries." Nikola Tesla
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