Check out the latest Magpul creation. It is a folding carbine. Similar to the Ares FMG and PP-90. It appears to use some glock parts uses the Glock action, magazines and laser systems.

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