The heavier a bullet is, all else being equal, the deeper it will penetrate.
True that. It also means that a given 147 bullet can be designed to expand to a greater degree than a 124, while still penetrating the same depth. That's a little shovelful of win to scoop out of the mass grave of service pistol terminal ballistics.
I just did some fiddling. Using 124/1200 and 147/1050, the 147 will give you 18.5% more mass and 12.5% less velocity than the 124. Proportionally, you're getting about 50% more weight gain than velocity loss. To me, that's important. A nearly 20% increase in mass for a small, high speed object is great.
Going the other way, using the 124/1200 you lose 15.7% of the mass in return for 14.2% more velocity. Granted, it's 14% of a much larger number, but let's not forget that terminal ballistics show some similiarities to external ballistics, only the process is occuring much faster. The 124 will decelerate faster once it hits the person or animal that needed shooting, given the same expansion. I don't know exactly how far into an ordinary tissue blend a 124 bullet will have to go before having less energy than the 147, but if it's as shallow as five or six inches then to me that infers that a 147 bullet of similar expansion is more capable of inflicting damage to the vitals than the 124 bullet.
Personally I don't really feel like 150-200 or even 400 feet per second at service pistol velocities is enough to trump a better designed bullet and a bullet that gives the designer and user some clear advantages like the 147 does. The 400 FPS was using the most apples to oranges comparison possible, the poofiest of 147 grain ammunition vs the most gnarly boutique speed kills 124 ammunition.
I also think there is a good reason why the big ammunition companies have been nearly exclusively introducing new bullet designs in the 124-147 grain weight range. The only real exceptions are the all-copper XPB, which is not the right bullet to use to discuss performance differences between bullet weights for conventional jacketed lead hollow points. Oh and the other exception is the Critical Defense. Accurate, loaded to comfortable levels for any reasonably sized pistol, and delivering very mediocre expansion with poor penetration.
It's telling that the duty-oriented version of the Critical Defense is
only being offered with a 135 grain bullet. Kind of like the Federal "Personal Defense" line of bullets, loaded with a very light 135 grain bullet in .40 at unremarkable speeds, and also oddly 135 grain in 9mm, again at low speed. It's why I personally am not willing to pay for bullets advertised as defensive bullets, if the same company sells a different bullet to government buyers. A police officer's weapon is a defense weapon, or it's a rifle/shotgun carried during some sort of SWAT-related event. I don't deserve any lesser performance from my defensive weapons than a police officer does.
I don't buy second-class citizen gigs, and that extends to defense ammunition. I'll take the time to crawl the web, researching to the best of my limited ability the way handgun bullets work, which specific designs deliver the best objective performance, going by the long established FBI protocols, backyard tests, and if available anecdotal stories about either defense or hunting. And then I'll go find the bullet I decide on, if it's a 'Tactical' line of ammunition, then if need be I'll wait and buy decent quantity when I can find it.
FWIW, some Oregon police department supposedly had about 13 shootings with standard pressure 147 HST, and it appears from their experience to show the same consistency in people that it does in test media. I think any bullet that gets past 9" and shows meaningful expansion would be an effective defense bullet, but 12-14" penetration and lots of expansion is to me ideal. That's either flavor 147 HST.