I first learnt about the Ares Carbine from GunPundit who spotted it at SHOT Show '09. It was supposed to go one sale in the first or second quarter but nothing was seen of it since SHOT.

Tyler Kreis, the NRA's Firearms Inventory Manager, is the first to have gotten his hands on the Ares Defense Systems Ares-22 RCU and has shot a video of it in action. It looks like a very fun system.

A couple of video demostrations:

Some photos from GlockTalk.com:

It looks very cool!

Compare with other FMG type firearms

The original Ares FMG which was designed by Eugene Stoner:

the PP-90, designed by the KBP design bureau in Tula:

the Ukrainian Goblin

And although very different the Kel-Tec SUB-2000 (this folds for storage, not rapid deployment).

I will update this page as more information becomes available.

UDPATE:

According to this thread, it is called the FMG9 and Magpul do not have plans to put it into production, at this point it is just a prototype… although I am sure James Bond will get his hands on one for his next movie!

UPDATE

Another video demo

UPDATE: From ar15.com:

The advantage to the FMG9 over previous versions are…

1. One button, spring loaded action.
2. Light weight, color coded plastic (can be molded as a non gun color)
3. Closed bolt, safe action (others were open bolt SMGs, ours can be carried with a round in the chamber).
4. Proven Glock action with stock Glock factory magazines and laser systems.

Hat Tip for the update: Cryptic