Just observing ejection patterns with various ammo versus my Beretta 1310, the M4 has weaker ejection with all rounds.
It does handle serious slugs (Brenneke Special Forces, 1.25oz @ 1475fps) and full power buckshot better than the Beretta though. When I'd shoot the Brennekes in the 1301 you could feel the gun getting battered by them, the M4 doesn't blink.
With low powered birdshot or even low recoil buckshot the M4 dribbles hulls and does feel sluggish compared to the 1301.
I haven't had any malfunctions with mine and I'm closing in on 750 rounds of a variety of shells from #7.5 to serious slugs and I haven't cleaned it yet.
I have noticed that just like an AR, the M4 likes to be well lubed. I keep the bolt and rails well greased with TW25 and add some Breakfree CLP to the mix if I'm going to be shooting lightweight loads.