Matt,
I have the M&P15 Sport. That's the gun I was running that day at the picnic. Like you said, it doesn't have the forward assist and a dust cover, so if you plan to crawl around with it, you might want to reconsider. Otherwise, it will do fine.
I've run 5.56 green tips and cheap .223 out of it without a single misfire/malfunction. I have both PMags and mil-spec surplus mags and all of them work flawlessly. When I got mine, I remember seeing a review of it before by Nutnfancy and he called it the best gun for the price range and that you won't miss the assist or dust cover.
If you want to get together and shoot it, just holler.
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