I've read lots of good reports on the M&P, and handled them at the LGS, but haven't owned or shot one... but isn't the M&P 22 pistol built for S&W by the same folks who make the P22 (Umarex ~ which also owns Walther)?
I know the 15-22 rifle is made here, but I found this on S&W's website describing their M&P 22 pistol:
"Made by the .22 experts at Carl Walther, GmbH for Smith & Wesson."
Oops, got the M&P AR15-22 pistol mixed up with the M&P .22