Not long ago I had three .40 handguns, now I'm down to one. The recoil is just too snappy in a compact or subcompact for my tastes, it's unpleasant to practice with and it's slow putting successive rounds on target. Doubletaps with the .40 are absurdly slow using identical sized 9mm and .40 subs. I made my tests with a Glock 26 and Glock 27, subcompacts in 9mm and .40. I've made similar tests with a KT P11 and P40, both which I owned and a Kahr 9mm and 40, both which I rented. The resuts were the same.
I wound up selling both the P40 and the Glock 27 (sold the P11 too, but that's another story). The Glock 26 is a joy to practice with and quick to recover from the recoil for successive shots. I can simply shoot it much better than I can any similar sized .40 pistol. And for me that's the main thing, putting rounds on target accurately and quickly is more important than the size of that round. Since no handgun is a one shot stopper, and since I've usually got 45 rounds on hand (10+1 in the gun and two 17 round spare mags) I'm not worried about running out of ammo if I put three 9mm's on target instead of one .40.
And why should I care what the cops do? Most cops have no choice, they use the gun issued to them, like it or not. While I feel a Glock 22 (.40) is an excellent choice for a full sized sidearm, it wasn't their decision. If you really want to know what knowledgeable cops use, look at the cops that have a choice, SWAT team members for example. And no, an MP5 is not a sidearm!
In a mid sized or full size gun .40 is much more controllable, but no more so than .45. I've still got a Glock 22 and it's my nightstand gun, but only because it holds 15 rounds in the mags and my .45's only hold 7. Well, also because I'm now very familiar with the Glock trigger pull, it wouldn't make much sense for me to carry a Glock and use a DA/SA (P220) or SAO (1911) gun as a nightstand gun.
In summation the .40 is a good caliber and it fills a niche that some people may need (mostly due to the size of the grip), but there's not anything special about it.