The M1 carbine round will definitely penetrate clothing, but not much more. Penetrating 1/2" exterior plywood is about all M1 carbine round can do. It has ballistics slightly better than the 9mm round. It excels in accuracy out to about 200 yards, mine will group about 6 inches at this range.
Like I said, this is what I've read about the M1 carbine. The M1 Carbine was generally dispised by the soldiers in the Korean War for that lack of power. If you're happy with it more power to ya! Personally, I'll stick with my CAR-15, since it is very similar to my actual service rifle.