Like you, I'd been away from handguns for some time, and came here to get caught up. After doing some research, I believe there is a functional problem with the internal lock revolvers, and there is obviously an asthetic problem too, they are ugly. I've read the posts from those that have had them lock up, and I've examined the posts of the few that keep saying there is not an issue with them. My conclusions are, that the problem may not be widespread, but is significant enough to preclude the use of a key lock revolver as a carry gun. I've noticed that it is the same handfull of posters saying these revolvers are fine, on several different gun boards, the exact same folks. That alone makes me leary of what they have to say. I also notice, that these same folks own a bunch of the key lock revolvers. Perhaps that fact shapes their advice more than it should. I've read a couple of those folks attacking others who disagree with them, on the S&W forum, as well as other boards. They seem to have an agenda. I've wondered if they don't work for Safe T Hammer.
All the folks who carry revolvers for serious, post threads saying they decline to purchase the key lock revolvers, and are buying pre lock guns instead. I followed their lead. My 586-3, and my new to me 686 CS-1 are superior to the key lock guns I've examined and shot. Sweeter triggers, very accurate, and no ugly hole above the thumb latch. One last thing I noticed. Those key lock revolvers are not selling around these parts. Two shops offered me incredible deals on them, before I found out why. The old mom and pop shop I was at yesterday told me they won't carry the new revolvers, and don't take key lock revolvers in trade. The lady said they are too small to lay out that investment, in guns that nobody wants. I did see that the key lock revolvers seem to sit in the classifieds for a long time too. If they are just as good as the pre lock guns, why am I seeing all this?