I guess for me, if you took a block of M&P, melted it then scented it, maybe on a good day but a single color in it, cut it in blocks a la cold process, then sold it at a comparable price as cold process....I'd be pissed. As a fellow soapmaker, I'd be LIVID if you were skirting the issue of "handmade" or "home grown" or "hand processed" by making it appear to be CP. And, I've seen people that have done this. And IMO have tricked customers into believing they've put a lot of work into what really an 8 year old could do.
With that being said, the ARTISTRY you can achieve with M&P is fantastic. It's like painting, except useful. A little piece of art to give to people you love, or to keep for yourself. The colors, the details, the awe....all things that cannot be touched by CP. And IMO if you're using M&P to use it's unique qualities to your advantage to make little wonderful gems? Yes. Do it.
Is it "real soap"? Yes, it's real soap. I remember one time I was in a pinch and needed castor for CP and went to the local store, and bought a few bottles. The guy in line behind me was a wisecracker, and commented on the need for castor with the combination of frozen pizza. So, I told him I made soap. His girlfriend (these were 40-somethings dating, I'm sure of it) snorted and said "OH, like some people "make candles"?" So she thought of M&P as "not soap". She may be thinking of the cheapy kits at Michael's though...who knows? She might still buy wal-mart brand toilet paper. She may have never tried GOOD M&P, or GOOD CP, and doesn't see the value of it.
In life, IMO you should do what makes you happy. You should do what brings you joy. Can you stand proudly behind what you do? Can you speak knowledgeably when asked? Can you do what you do honestly? If it starts to feel less like art, and more like production that's not good. But if you're still madly in love with soap making (whatever the process), then do it with gusto. Half-heartedness will only give you half-hearted soap, kwim?