I LOVE my Fullsize M&P 22LR. I've shot nearly 4000 rounds through it since I bought it in June 2016. My particular pistol has only 2 types of ammo that I have found it doesn't like AT ALL - Remington Golden Bullets and Remington Golden Bullets. No, that wasn't a joke. There are bulk GB's and boxed GB's. My pistol will simply not consistently eject or fire either.
Otoh, if I keep the pistol oiled/lubed, I haven't found it to not eat any other ammo fairly consistently (except possibly Winchester Super X's which are too expensive for plinking/target shooting anyway - some Super X rounds fail to feed properly for me but those same rounds will feed properly in a local range's M&P 22LR and Compact just fine).
As far as feeling cheap goes, mine feels identical to my Fullsize M&P 9mm except, of course, for the weight. I would like a larger grip (I use the largest backstrap on the 9mm) but grip width is a function of the mag/rund size, so I just deal with it. I may get a Hogue grip to widen the grip.
Just my 2 cents.