I looked into it as retired Military.
The discount is % off of full MSRP.
I calculated that I can buy from my local dealer for nearly the same price after getting a military discount from him.
Also i have the guun in hand in 15 minutes instead of having to wait weeks for it to arrive at my dealer. no shipping charges and no additional FFL fees for the transfers.
It is really only a deal if you are patient, and if you have an FFL that won't break the bank for writing the transfer.
Ihat's what I've gotten out of it so far.
I did end up buying 1 gun from my dealer 2 weeks ago instead of going thru S&W.
I bought an M&P 9mm a few months ago. The list price was $600 plus before taxes. With the S&W discount the cost was just over $450.00, and that was from my local shop. Including 3 mags and nite sites.