I own an M&P .40 S&W. I like it over a 9MM because it's the gun I own. I bought it used at a decent deal, and it's a blast to shoot.
I'll probably never own a 9MM or a .45 ACP. I don't rule it out completely, but I doubt it. I'm a revolver man, and I wasn't even going to buy a semi at all. A salesman put an M&P in my hand, and I just liked it. I wasn't going to buy one at all, until the dirty #%*@$ had the used one, then I just couldn't help myself. I didn't really care about the caliber too much, it just happened to be a .40.
That being said, I'm not a fan of 1911's at all. If somebody gave me a new one, I'd leave it in the box and sell it new. I've fired several, and they just aren't my cup of tea.
So, I ended up with a .40 S&W due to circumstance more than anything. I like the higher mag capacity than the .45, and I like the louder noise than the 9MM. Mostly, the .40 is a toy. The only "real" thing I may do would be to use it to put down a wounded deer. I have a shotgun for HD, so that's out.
I think it's a happy medium for a lot of people, as far as cost and power compared to .45's & 9MM's.
My true passion is my 586. That's my "real" gun.