Just a quick thumbs way up on this little M40. I've only had it for a day and just like my old F20, it has a little brashness rather than chimey depth, however the LaBella Silk and Steel work well and balance it out. The S&S low E is wimpy though, so I put an 80/20 bronze on and a nice thump was restored. I'm thinking of swapping out the A string too. You can dig in a little for flat picking country blues and get a good bluegrassy sound without distorting anything, but aggressive strumming muddles the tone. Playing 'small' is a style that's not always easy to access, especially when the exuberance of playing songs you love strikes. Measured restraint. Firesign Theater called it 'stopping power'.
Like the F20, the top needs a decent string tension to come to life, so I think it will end up with 13's tuned down D-D. That seems to do the trick. Also, I'm not much of a finger style player, but it must be good because it sounded fine when I murdered Hot Tuna's 'Hesitation Blues'.
Unfortunately, when the F20 gets home from the hospital I'll have to do the Sophie's Choice thing and sell one, but only after some fun comparing the two. One thing that will tip the scales a bit, the M40 so wonderfully easy on my old fretting hand.