Partly. Pistols with a vertical foregrip remain a NFA weapon. And happily, the former weight restrictions of the now-expired *Assault Weapons Ban* no longer apply, another restriction that previously applied.
I can see this being a particularly cool PDW myself.
Wear earplugs or earmuffs if you go to shoot one. And sunglasses.
But of course, I shoot a 454. Funniest moment I ever had on the range:
Child on next lane: "Daddy, daddy .... that man's gun is shooting fire!!"