I made the same choice a few years ago. I had been carrying a 2 1/4" SP101 for backup and off duty at my PD job. A friend let me borrow his then brand new 9mm Shield and I fell in love. I had been carrying and shooting various snubby revolvers for years, but budget, manpower and policy changes mandated that, even off duty, as long as we were in town (most of us lived in town then), we were considered to be on call 24/7 if the on-duty Officer needed backup (we were, and still are, running 1 guy on duty most of the time, for a town of approximately 4800 residents), and it happened quite a bit at first. The thought of "running towards the sound of the guns" with a 5 shot snubby revolver didn't fill me with joy. Enter the Shield.
I love the Shield for off duty use, which would carry over to CCW use. Small enough to carry VERY well, yet large enough, and with enough magazine capacity, to shoot like a full sized gun and at least not be severely handicapped if needed to go on the offense. Mine has always been very reliable, and I have never had even a single malfunction. Mine is also accurate enough to win me a few bets against guys shooting full sized, duty-style handguns. Although it has been replaced for backup use by my Glock 42 simply because of the smaller size, it is my constant companion when off duty.
Give the Shield a try, an honest, multiple range trip try. I honestly think, unless you absolutely hate autos, that the Shield will turn out to be a worthy replacement for your M49. It won't be small enough for pocket carry, but for IWB carry, IMHO it simply can't be beat. Small enough to carry very well, yet large enough to shoot like a full sized gun. That's why S&W has sold, literally, over a million of them in just a few short years. I love mine so much that, if I ever find a 1.0 without thumb safety for sale, I'm buying a second one, and I've NEVER bought two of the same gun.