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It is still a very popular round. Before I bought my M&P 9 I fired the same gun in 40. I didn't care for it as much as the 9. I realize my limited test doesn't speak for all guns, in .40 cal, but it was just my personal preference.
I do agree that the number of used guns in .40 seem to outnumber those in 9mm, but I think that has more to do with the initial popularity, of that caliber, and the large numbers of those guns sold. The owners may have moved to other calibers, or just bought other guns in .40