Floridian,
I'm in the Tampa area, and I just recently bought a brand new 642-2 (which is da bizomb i might add) and the price was $399. As far as accuracy, I had excellent result this week at the range out to 15 yards, both single and two-handed, especially for a snubby. Would I go hunting with it? No. Snubbies aren't made for accurate distance work, they are definitely not the best option for range-type plinking, and certainly are not HSLD uber-tactical like most of the "Yuropeen" autopistol crowd, but they have a purpose. That purpose is easy concealability usually reserved for reliable up-close and personal nasty business within 7 yards and under dire circumstances.
It all depends on what niche you're looking to fill and what you're willing to pay to fill it. Could I have bought a bigger, higher-capacity, easier to shoot pistol for the same price? Certainly, and I have before, but this time I was looking specifically for a gun that had features all present in the 642.
Grab some popcorn, 'cause here's my story:
I am going to be working for a local LE agency within the next couple of weeks, so I was weighing the pros and cons of various guns for backup/off duty use. The agency's only rule is that you have to qualify with it. I actually traded my LNIB polymer framed, mid size, high capacity, larger caliber pistol from a large, very well known maker (*koff* *koff* Glock 23) for the new S&W 642 because I wanted a small, light, and reliable backup and off-duty weapon that fired a caliber I was comfortable with. Did I make a bad trade? I don't think so considering my needs. The agency I will be working for issues the G23, so it's not like I needed two of them (I can carry my issue weapon off duty, if so desired). I was tempted to go the Glock 27 route for ammo exchangability with the duty weapon, but thought if I am ever forced to go to the backup gun, chances are I may already be out of the 40 rounds in the duty gun and on the belt anyway, or the magazines might be buggered, so compatibility is a moot point. Additionally, the 642 is lighter (especially loaded) and is less likely to fail to go boom if the SHTF considering contact shots, no magazine/feed issues, and for me, the rounded edges and profile are more comfortable against my skin.
Would the bargain-conscious part of me rather have a 1911 or a full-size Sig for the same kind of money, yes, as like most people bigger and more for the same money is usually better, but I don't have a lot of money to play with so I had to make a decision based on practicality this time. Also, living in hot-ass Florida, I like to wear shorts and short sleeves most of the time when not at work. The 642 is great in that regard. Not saying wearing full frame guns in FL friendly attire isn't done on a regular basis by many, but I'm too lazy to reconfigure my whole wardrobe to accomodate it when I can easily carry the 642 pretty much anywhere inconspicuously (including in a pocket) with little effort. I do however have a G-Code IWB on order for the G23 for off duty carry if I decide to do so and the attire permits.
I'm sure my ramblings did not help you in the least to make your own decision, but they showed you how I reasoned mine...sorry. I feel better though.
Good luck in your quest.
-CM