I looked at the M&P 9mm compact when I was looking for a carry gun. I looked at the XD9 as well. Neither of the two felt as nice in the hand as the PT140 Millennium Pro I ended up with did. Granted the PT140, isn't a 9mm, it's a 40 S&W, but it's the same frame size I believe. I actually had the M&P 9 Compact top of my list because I have the M&P 40 and love it, but after holding the PT140 and the M&P9 compact, I was sold on the PT140. My major complaint with the M&P9 Compact has to do with the short grip. I have a normal sized hand, but the M&P was just too short to be comfortable for me. I never shot it, so maybe it wouldn't make a difference, but I didn't like how my little finger had to wrap around the bottom of the mag. You need to hold all of the ones you are considering, one right after the other, to see which feels best to you.
As for price, you'll save the $150-$200 on the Taurus Millennium Pro Series over the M&P. You can find an PT111, same as the PT140 I own, but in 9mm, for $300, less if you look hard enough. Try www.gunbroker.com to get an idea of where the guns are coming in price wise.
As for shootability, that a call you'll need to make. My experience is that the M&P is easier to shoot only because I have owned it longer and I am use to DAO. The PT 140 is a SA/DA and I am just getting use to it. I'm sure once I am use to it, it'll be as easy to shot as the M&P. As for FTF, or other issues, I have not experienced any with either.
One other thing I didn't like about the M&P Series is the loaded chamber indicator, or lack there of. On the M&P 40 the only way to see if a round is chambered is to look through a little hole on top of the slide, if you see gold, that's the round in the chamber. In low light, which is when you'll probably need the gun to save your life, you won't be able to see that. On the PT140 you have small lever on the side of the slide that sticks out when there is a round in the chamber. The lever is even painted orange so you can see it easily. Nice feature and one I'd expect on a gun that is almost $500 like the M&P.
One other nice feature on the Millennium Pro is the thumb safety. I like it better than the trigger safety on the M&P. That is just another feature that I am use to, so it may not be better or worse, I'm just use to a thumb safety.
Last point on the M&P vs. a Millennium Pro has to due with the sights. If you buy the Millennium Pro over the M&P, take some of your savings and buy a nice set of Fire Sights. The newer Millennium Pro's (3rd Generation, look up 3rd Generation Millennium Pro on on the board as it's worth knowing what the differences are) have the Heinie Straight 8 two dot sights. There is a lot written on this board about them. You either love or hate them, I fall into the latter group. I like the M&P sights a lot better.
Both are nice guns, so pick the one that feels best to you. Hope these points help, and of course these are just my humble opinions. Good Luck.