I purchased a Gen4 34 because I thought the extended sight radius and supposedly tricked out trigger and sights would matter. I trained with it and ran it for a while but was never sold on it 100%. The trigger as issued was OK but, I did get front site twitch during dry fire practice. I re-placed the trigger with a Glock Worx trigger and changed the FP spring. That helped / eliminated the front sight twitch but gave me a few light strikes. I re-installed the issued FP spring and light strikes went away but, the trigger was back at 5#'s.
They're good pistols but, to be honest, it was no more accurate than my Gen3 19 or the G17's I've messed with. I sold it and moved on. Would I purchase another one knowing what I know now, no. Others I know have also moved to the G19/17 or G23/22 and away from the G34/35's.
The cut out is to help lighten the slide to make it run quicker, it'll be a non-issue as far as reliability goes. With a few tweaks, modifications and additions it'll make a nice race gun but, the G17 is no slouch. Good luck.