I have owned and carried the similar, 340PD since the scandium framed revolvers first came out (12 years ago???). Here's my take:
-This gun IS my "front pocket of the cargo shorts" summer-carry pistol. When combine with a Desantis Nemesis (or similar) pocket holster, NOBODY knows you are packing and the gun is so light, it doesn't really "swing" even when I'm running around playing Frisbee or baseball with my kids in the local park.
-My gun is fitted with the Crimson Trace laser grips (the model which is more "rubber/combat" oriented) and this allows me to not only get my pinky on the grip, but it does a much better job of taming severe recoil than the smaller/factory grips the gun came with. Even with the slightly larger CT grips, the gun it still plenty small to get inside a normal front pocket of dress-slacks with these grips if you need to. The front-button activation of these grips is the CATS-*** as well! I never train with the laser "on" of course, but when you have the laser on, having that red-dot hovering just above your front sight makes quick and very accurate target acquisition from a draw almost brainless! One thing to also consider regarding a laser on this or any pistol; they can themselves be a deterrent to any would-be attacker and can actually prevent you from having to pull the trigger! How? Simple, EVERY scum-bag has seen the Terminator movie, and they know, where the "dot" goes, a bullet is not far behind. You place that dot on ANY perp, they know they are dead without you having to make it a reality. Anyway, enough rant about the laser, but as you can probably tell, I LOVE the CT grip on my 340PD and I highly recommend them!
-Most of the time I carry mine with .38+P fodder (either 125g Speers or 129g Federals) and with these +P loads, even my wife can handle the recoil. When loaded with full-house .357, it does recoil with a bit more of a "smack" than the .38's, but I shoot an un-ported .454Casull so the 340 with .357 is no big deal. You do need to test for projos backing out when shooting .357. I have seen the 5th round's projo move when it doesn't have a good crimp.
-As far as shrouded/hammerless vs. hammered: GO HAMMERLESS ALL THE WAY. For inside the pocket carry to be a viable option, there is no other way to go...
-I'm not sure if the newer M&P guns are better, but the trigger that came on my 340PD was ATTROCIOUS! I installed an APEX trigger kit on mine and I LOVE it; it's not too light, but it's very smooth and uniform.
So, should you get one?
I think so. Especially in the summer time, I sure like mine...