There is a gap between the floorplate of the magazine and the grip, so a bit of the tube is showing (maybe 1/16" or less). The magazine is completely secured and this hasn't caused any issues for the function of the gun, but I don't like the look. BTW this is for both the 7 and 8 round mags.
I noticed it doesn't look like that in any of S&W's photos.

Can anyone explain what's up? If there's something I can do about this or do I just need to live with it as the one flaw in an otherwise wonderful gun?

Yes it is normal when loaded for the flash magazine to show some silver.

Russ

That is normal, and it shoots srt8 too! Like my wife it has to be reliable but not necessarily too pretty.

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Don't leave home without it!

Normal. I used a black sharpie to color the bottom of the magazine so you don't hardly see the silver metal gap when the mag is in the pistol. If it bugs you.

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44 Garrett Defender Ammo 4 me.

Yes, normal.

Drop a round and it won't do that. It's new and the mags are tight,they just need a little break in time (leave a few in the mag after you have shot and cleaned it) OUT OF THE GUN of course.

"I noticed it doesn't look like that in any of S&W's photos."

It's empty. SAFETY FIRST,SECOND and ALWAYS.