Well it is on its way back to the Factory. Took it down the the dealer (Certified Armorer M&P). At first he stated "bet it works fine with hardball". Said I bet you are right. Try something other than Hardball, like hollow-points. Guess what, would not even feed the hollow-point at all. Anything other than real hardball would not feed. He verified that there is a problem with the feed ramp.
Called S&W, call tag will be here in the morning.
Will update when I get it back.
Bob