This theory has many features in common with real world QCD, for example in some phases it manifests confinement and chiral symmetry breaking.
The supersymmetry of this theory means that, unlike QCD, one may use nonrenormalization theorems to analytically demonstrate the existence of these phenomena and even calculate the condensate which breaks the chiral symmetry.
In the full quantum moduli space is nonsingular, and its structure depends on the relative values of M and N. For example, when M is less than or equal to N+1, the theory exhibits confinement.
For larger values of N the instanton calculation suffers from infrared divergences, however the correction may nonetheless be determined precisely from the gaugino condensation.
If the chiral multiplets are massless, the resulting potential energy has no minimum and so the full quantum theory has no vacuum.
Notice that the gauge group is not an observable, but simply reflects the redundancy or a description and so may well differ in various dual theories, as it does in this case.