First off, if I had to do it again, I would buy one from Magnum Research. I have had the frame replaced on my 12" PC. I had issues with flame cutting on the top strap and the main reason for the replacement of the frame from S&W (it was covered) is that there is no replaceable bushing like on the 500.
It looked like there was primer cratering happening but it was actually the steel deforming on the breachface.
Words of caution: Run heavier bullets through it 240gr+ DO NOT try to run 200gr at 2300fps+ these loads push the envelope of what the gun can handle.
After frame was replaced, I was shooting some heavier rounds 300gr and was having weird issues such as what I call chamber skip. When fired it would actually unlock and then when cocked again would "skip" a cylinder. I would shoot 3 rounds and it would then go click...??? What had happened was out of a full 5 round cylinder it would fire the first round, skip round 2 then go to round 3, fire, skip round 4 then go to round 5, fire, then back to chamber 1 where it would click because it had already been fired.
I have yet to contact S&W on this last one but have read that it happens a lot with heavy loads on the 500. Also after getting it back from the factory they did a poor job of sighting it in I am going to have to twist the front sight back into alignment as the rear sights are moved all the way to the left and it's still about 7 inches off at a mere 7yds.
The only advantage of the Smith's over the BFR's that I have seen are that they faster to reload. The double action is pointless unless you want the barrel implanted in your forehead or plan on shooting seagulls at high noon.
I can shoot my single action just as fast as the double action and more accurately I might add. The practicality of the double action is very limited IMHO.
I prefer the single action for strength from the BFR:
http://www.magnumresearch.com/BFR.asp
I bought my second one in a BFR but for the 500 S&W. I actually like the look of the BFR better, it shoots about equally as well, is cheaper, and seems quite a bit stronger.
I picked up my BFR for $699 and is the 10" model. The smith's warranty is nice but I think the 460 round is having issues very close to what the 357 max had.
Feel free to ask me any questions about either. Just send me a PM. Here are some pictures for you to enjoy: