Factory +P hasn't bothered any of my "pre model number" Smiths and I've been shooting a lot of ammo through various guns recently to answer this very question.
Most people will tell you (note above posts) that +P is bad. Hell, even S&W says it. But in my experience current factory +P is barely target ammo in terms of power. Federal, Winchester and Remington 125 grain +Ps only clock around 925 FPS from my 4" barrel guns and around 860 from the 2" pistols and I don't consider this to be powerful. Apparently some shooters do, which baffles me. When I shoot this ammo the cases fall from the gun without using the ejector and the cases are sooty, indicating that the pressure is too low and blow-back is occurring because the cases are not expanding to seal the chambers. This doesn't sound like +P to me.
Just yesterday I tested some PMC 125 +Ps and they clocked a pathetic 890 FPS from a 4" revolver and 795 FPS from a 2" M&P Smith (made in 1949 by the way and so far it shows no ill effects from all the hundreds of +Ps I have been firing through it). I also ran some Winchester 110 grain +P+ (note, +P+ not just +P) and it only registered 1100 FPS. I was looking for about 1300 with a 110 bullet at +P+ pressure but all I got was 1100. Whoop-dee-doo! I have hand loaded 110s to over 1400 from a 4" M&P. These were hot, too hot really, but even though I backed off from this load the gun shot them without complaint. The biggest problem was that the bullets hit way low. Happens with light bullets at high velocity.
I am told that some loads from outfits like Cor-Bon and others are much hotter but I haven't tried them out, yet. I know what my hand loads are like and they make mainstream +P look like the wimp it truly is and so far no trouble in any of my revolvers.
This discussion will never end, I guess. Everyone has an opinion and it seems I am in the minority when I say that any gun made by Colt, Ruger or Smith & Wesson after WW II (maybe before but I can't swear to it) will shoot all of the factory +P ammo you care to buy for it without any sign of adverse effect. At least, my guns aren't showing anything, yet, and I am trying to strain them. But it's hard to do with such wimpy loads like factory +P.
Bottom line is you do what makes you comfortable. If you believe that a 125 bullet at 925 FPS is just too much for your S&W K frame then don't use them. I have a pre-15 from around 1954 and I would not hesitate to put a couple thousand +Ps through it because I am convinced that nothing bad would happen. But that's my gun, you do what you think is best with yours.