In a large mixing bowl cream peanut butter, butter, sugar, and brown sugar. Add one egg at a time, beating well after each egg. Beat in vanilla. Combine oats and backing soda; gradually add to creamed mixture. Stir in Chocolate chips and M&M's.
Drop by heaping tablespoons 2 inches apart onto an ungreased baking sheets. Bake at 350 for 12-14 minutes or until edges are browned. Cool and eat.
This recipe DOES NOT use flour. Reduced fat or generic brands of peanut butter are not recommended.