Expensive to shoot, and as noted: LOUD. LOUD. REALLY LOUD. I have a G33. It is carried a lot, rarely shot. I used it the last few years as a BUG in uniform, and as my EDC in a Kramer pocket holster. I don't have any significant experience with the .40, (only shot a bit out of a USP, and it seemed ok), so I cannot compare recoil. I don't recall a lot of muzzle rise, but I had a red hand with G33 grip indents in it when I tested it right after buying it.
I bought it as an experiment, and given the logistics of ammo supply, don't think the incrimental difference was worth it. I was at a class a few years ago with a couple of NCHP guys, and they spoke well of it. I have never heard anything bad about its performance on humans from any agency which uses it.