The only thing I can say about the FMFP is that it seemed like a good idea at the time since everyone else (Colt, Ruger, etc.) already used FMFPs.
The execution, however, clearly leaves something to be desired. I have read more about misfires since the change over to FMFP than ever before.
The length of travel of the FMFP can be adjusted, yes, but I never needed this with the HMFP. Supposedly, S&W decreased the length of travel on the FMFP because the initial ones that were reliable would not pass some drop test or another. I am not sure that is accurate, but I have read it.
What is without doubt is that the length of travel has decreased, and we read of brand new revolvers on here all the time that will not ignite the primers of factory ammo.
All one has to do is to look at the amount of protrusion of the tip of the pin through the bolster face to see that the amount of protrusion is minimal compared to the old HMFP. For that matter, feel free to compare the amount that the S&W FMFP protrudes through the bolster face to the amount of protrusion in a Colt or in a Ruger. There is a visible and clear difference, and neither of those brands seem to have issues with light strikes.
There are those who insist that the new FMFP relies to some extent on inertia, but I for one thought the old system worked very well - certainly better than the current system.
As may be discerned from this post, my personal opinion is that S&W took a step backward with its EXECUTION of the idea of a FMFP. I wish to stress that I am not opposed to a FMFP - if it works every time - as do those of Ruger, Colt, and Charter Arms. If memory serves, it was Charter who made a big deal of its "unbreakable" beryllium copper frame mounted firing pins.
Score one for Charter; bad show by S&W.