My understanding from limited first hand experience is that the substantially shorter barrel will take away a good bit of velocity. As pointed out already, you also lose a lot of an already somewhat shorter sighting radius most AKs are given. Combine all that with the lack of a stock by which to get a consistent place for your cheek and control recoil and you are left with a mean looking pistol... The upside is when compared to other pistols you are likely hitting a target with a much greater force on target and... hell... you have 30 chances to hit what you're aiming for... right?
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i'm thinking a folding stock would be much more practical. some sort of full stock when needed, and folded away, the compactness a person may need. but personally i would still rather have a full regular stocked version over a pistol version.