Mazda released a TSB saying that their ATF M-V is NOT THE SAME as Mercon V.
http://forum.mazda6club.com/index.php?&act=attach&type=post&id=40321
You might need an account to read this PDF, but here is the summary:
NOTE:
• ATF M-V (TYPE M5) IS NOT THE SAME FLUID AS MERCON®V ATF.
• ATF M-V (TYPE M5) HAS A GREATER VISCOSITY THAN MERCON®V ATF IN LOW TEMPERATURES.
• ATF M-V (TYPE M5) HAS A GREATER ANTI-JUDDER SPECIFICATION THAN MERCON®V ATF.
CAUTION:
• USING ATF OTHER THAN ATF M-V (TYPE M5) IN AUTOMATIC TRANSMISSIONS DESIGNED TO USE ATF M-V (TYPE M5) MAY CAUSE SHIFT QUALITY COMPLAINTS.
I have a 2005 Mazda 6i which requires the ATF M-V, and have been using M1 ATF (Mercon V licensed) without problem for 105,000 miles. The change interval has been every 15,000 miles.
However, after I changed to the latest M1 ATF ("recommended" for Mercon V & Mazda ATF M-V) at 105,000 miles, my wife complained about harsh shifting during stop and go conditions.
After some research, I found this ATF M-V bulletin, and will switch back to it for the next ATF change.
If the viscosity requirements at certain temperature are different for Mercon V and Mazda ATF M-V, how can one ATF meets BOTH specifications? The answer is it cannot, and exactly why we have all these universal ATFs with "recommended for" wordings.
The bottom line is that the universal ATFs do not meet the specification, but whether it makes an observable difference to you is another matter.