"...more from the realm of the pistol than from..." Nope. It's a 300 yard carbine round. Has nothing whatever to do with handguns of any kind.
The M1 Carbine is the Rodney Dangerfield of long guns.
Some folks say that it's a useless, weak round. "kind of like a .22 on steroids" was what one thread post said back in 2003. "Can't shoot through a Chinese overcoat". "Use a real rifle", maybe an AK or SKS. Don't use a rifle for home defense, use a handgun.
Then there's the argument on the other side of the coin: It's too powerful. It will shoot through walls. "If you fire at a bad guy, miss and that bullet goes through your wall or window and hits somebody half a mile away".
I think the truth is somewhere between, but compromise doesn't make for good drama in the Interweb forums.
Even pistol rounds shoot through walls. If a bullet can't make it through a glass window or a few inches of sheetrock, it's not powerful enough for self defense IMO. Shoot your favorite 9mm or 45ACP handgun at your wall and see if it doesn't go through.
Benefits over the handgun: The M1 Carbine has the added advantage of a longer sight radius, it is secured to the body at three points instead of one, and the weight and secure hold allow faster follow up shots. There is also a higher probability of your shots hitting your intended target than there is with a handgun.
Drawbacks compared to the handgun: Size. That means you likley won't have it on you all the time (but how many carry a handgun on body in their own home?). It's longer than a deployed handgun, so it would be slightly more unwieldy to use than a handgun inside a building.
Drawbacks when compared to a rifle: For home defense/personal defense within 50 yards? I can't think of any, unless your attacker is wearing body armor or attacking you with a motor vehicle.