The best bargain in a 4" .357M new was the K-frame 4" 66. My pusher has a last year of production one still in the case at $449 - with the new style separate barrel liner and frame, a la the newest S&W models. A few inches away, with that same barrel, is the new 620 - at $489. Although it is the 66's replacement model, it really is an L-frame - with the 7-shot cylinder and thicker frame front for the standard L-frame sized forcing cone, fixing the supposed Achille's heel of the 65/66's. Like the 66, the 620 has the great handling/pointing partial lug.
My first .38 and .357M were purchased new in 9/03, actually, a 2" 10 and a 6" 66. My latest, from 12/04, is a 5" 686+ h-l. I don't own a 4" .38/.357M - that 620 is still 'on my list'. If I didn't have the reloading capability, I would come closer to agreeing that the 4" .38/.357M would be nearly ideal. Heck, as I don't shoot hot .357M's anyway, a 4" 67 (.38 +P rated) might do... but, for 2 oz and MSRP $27 more, I could have the 620 - with an additional round...
My 4" revolvers are N-frames - Mountain guns in .45 Colt and .44 Magnum, and a 625JM in .45 ACP. To be sure, the latter is probably the most sensible to own/plink with, especially if you don't reload yet like to shoot. Sure, it's target/plinking ammo is ~50% more at Wally World than cheap .38 Specials, but it is a highly shootable 'big bore'. You can load up some small ammo maker's, or homebrews, in .45 Auto Rim for hunting, too. If allowed to reload in my basement, I'd opt for my 629MG. I can shoot my 240gr LSWC/LRNFP at 700 fps from .44 Russian cases, 200gr Speer Gold Dots (or Blazer variants) in .44 Special for PD/HD, or, with my .500 Magnum grips fitted, some 'real' .44 Magnums. If sentiment counts (... and I still have my reloading press!), I'd choose that 625MG in .45 Colt - a gift from my wife and my first-ever S&W. It is uncannily accurate and fun.
So, I like big bores... but, I understand the plan - and a 4" .357M probably would be a fun and adaptable 'one only', if gun laws drastically changed. I just hope I have time to bury a few big bores in the back yard somewhere first!
Stainz