Since getting my first IL-equipped revolver 9/02, I have shot tens of thousands of rounds through a myriad of them, from the 642 I carry in my pocket to my .44 Magnums to my competition .45 ACPs. I only notice them when I clean the revolvers - and, of course, would never buy a revover because it had one any more than I would exclude one from purchase due to it's prescence.
The large rimmed/short cased variant of the .45 Colt came about in the Colonel Schofield adaptations to the S&W Model 3, originally of .44 Russian fame (1871). The enlarged rim was needed for the Model 3's extractor, as it was a top-break SA that emptied it's chambers when 'broken', permitting rapid reloading. While the '.44 Russian' variant had quite a following, selling more examples in it's first decade than Colt's .45 Colt would sell into the next century, it was not adopted by the US Calvary. The shortened .45 round - the .45 S&W/Schofield of 1875 - was, to a limited extent. It's ammo would fit the Peacemaker, but the Peacemaker's was too long to fit the Schofield, thus the label of short and long Colt rounds - and a logistics nightmare, resulting in the Schofields little use. You can still buy specialty .45 Schofield loaded ammo - and buy the brass (Starline). It works great in a .45 Colt Redhawk for reliable ejecting, otherwise care must be used - the drooping ejector rod can skim over the .45 Colt's rim.
I tired of SA revolvers and both the .454 SRH and .45 RH DAs I had, preferring the dependability of the S&W 625 Mountain Gun that started my S&W collection 8/02. I added an older variant - and, besides my Rossi/Puma SS 24" M1892 levergun in .45 Colt, they are it now for .45 Colt. They shoot tighter groups at 25-50 yd with .45 Colt-ish loads (Recall the .45 Colt is a 14kpsi round.) than any of my Rugers would, although the .454 SRH, admittedly scoped and from bags, outgroupped it at 50 yd - with real .454 Casulls. As to 'power level', I stay within SAAMI specs - if I need more, I get a hotter caliber. The S&W SS 625 series - like the CS 25 series - is built on a frame, barrel, & cylinder forged & heat-treated for the .45 ACP - which is a 22kpsi round, so one could go '+P' with some assurance of longevity - not me, of course. Besides, their is something neat about a S&W revolver with 'Colt' emblazoned on it's barrel.
Now, if you like .44 Special - and reload - get a 629! Yes, I know it's a .44 Magnum - but it will chamber poppers in .44 Russian, the whole range of mild to Keith-level .44 Specials, and even real .44 Magnums. Be sure to clean the crud from the short cased rounds before chambering Magnums. Oh, I like my limited diet AirLite/Ti 296 - it is one of my pocket protectors. I also like my 696 - a fun popper with .44 Russians. Both have a minimalist's interpretation of a forcing cone, dictated by the thin front frame of the L-frame. The N-frame, like the 29/629 employs, is considerably thicker there. The 3" 696 has a cult following that has made it's used price soar - you can buy a new 4" 629 for less - and be happier - at only six more ounces, too.
Both calibers are reloaders dreams - and non-reloader nightmares. Poor availability of ammo and high cost isn't fun - the .45 Colt is why I started reloading. If I could decide which was better, I wouldn't have both. If I didn't reload, I'd consider curtain #3 - the .45 ACP - a S&W 625JM, for example. You have a large bore that is frugal - both in ammo cost and recoil - yet effective. No worry about bullet shapes - or power levels - no action, a la a 1911, to work. Ammo is everywhere - WallyWorld had, before the mad ammo gluttony attacks, UMC 230gr ball for <$82/250 rounds - that's hard to beat.
Any of the three will be fun - you'll love the big old bullets lumbering along, too. Big boom and push, not a raucious ear-splitting crack and a snap, a la with Magnums. Enjoy!!
Stainz