Had this happen too. S&W fixed it right as gold.
Back in December 2012, I bought the RealTree Camo version. Less than 20 shots, the hammer pin drifts out. I pushed it back in with my index finger, but the pin began drifting out again. This caused the hammer to shift off its center axis and I began getting continuous failure to fire from light strikes.
As it turned out with mine, there is a small spring that's peened inside the hammer, called the J-spring. The J-spring was lose and was not properly engaging the center groove on the hammer pin, that kept drifting. I called S&W and they sent me a prepaid FEDEX shipping label. While I was waiting for the shipping label I foolishly shot the rifle more, assuming all I had to do (in dealing with the annoying light strikes) was keep pushing the pin back in. Well as my luck would have it

, the rifle suffered an OOB and blew the extractor out of the bolt assembly.
Anyway, the rifle went back to S&W and they had it back to me in less than two weeks, fixed....no more problems. Perfect, No questions asked.

I'm a huge fan of S&W's customer service.
Replaced Hammer

Replaced Pins

Replaced Extractor

Replaced Hammer spring
Needless to say, I was a damn happy camper when the rifle came back fixed!
As noted above already, the pins are not flush on either side of the M&P 15-22's lower receiver because the lower is slightly wider than a standard AR lower. So the pins are slightly recessed on both sides.
If the rifle is in any way malfunctioning, call S&W

. They'll make it right!

Regards, Mike