Here's another loud "Hmmmph!" at claims of a decent j-frame for $200-ish. To that I say: "In a pig's eye, or at least, not on MY coast."
I too would be lucky to find a k-frame for $200-ish. I bought an as-NIB M-36 for $325 and thought (And still think.) I got a good deal. It did come with a slick-as-ice Bianchi 5-BH holster to help some, but that won't get me to $200-ish.
Best deal I ever saw on a k-frame was $180 each on a couple of blue steel fixed-sight heavy-barrel .357's that I couldn't afford right then. They were gone within the hour at the show I saw 'em at 6-7 years ago. Never seen an equivalent repeat. (Next week I saw a new-looking Mountain Gun on a table for $325--right after I'd bought mine NEW for $500. Couldn't afford THAT either. Argh!)
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As for comparing the J-frame to the Mak, well, I've got an E.G. Makarov I got for $249. (It's AS-NEW, great trigger, and with a support-your-local-dealer plug before you laugh at how much it cost. You find one this nice for that much now. The East German Mak's really are the best.) I find the J-frame to be more-than-a-hair smaller than the Mak, and it's a bit lighter. The revolver rides (And hides.) in my front or back jeans pocket a lot better than the Mak, and extracts from same with much greater ease. I took the Mak to my brother's wedding in L.A.. It rode in my pocket all weekend, much to my discomfort. Maks are for holsters.
Reloads in a civilian carry situation are mostly academic. It's nice to expound about it, but realistically, if you're reloading in a civilian fight, you're in WAY over your head. If you're out of bullets but you're still getting shot at, you best be RUNNING. (Not to knock the Boyscout mentality, but CCW is about compromises.) It's NOT YOUR JOB to be carrying the fight to the enemy. (This does not apply to home defense, but you don't need to CC around the house, and besides, that's where the shotgun lives.)
Not to say that the above statement is a catch-all by any means. If you can shoot the Mak better, and have a good way to carry it, you're better off with it than a J-frame. But rule #1 in a gunfight is HAVE A GUN, and a J-frame in the pocket beats all heck out of a Mak and a mag or two at home, most especially since 99/100 in civilian CCW use a shot is never fired. (NRA's "Armed Citizen" notwithstanding.)
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Load-wise, I've always been partial to heavier bullets. I prefer the 158-grain loads universally in .38 Special, and am unimpressed with the results of +p and lighter bullets. Heavy lead LSWCHP's are what make the most sense reliability- and recoil-wise to me. Square-shouldered, wide-meplat bullets thudding home solidly satisfies my "it'll go wrong if it can" commonsense scale.
I am NOT reassured by the prospect of a bunch of winky little piss-bullet FMJ's whisking through somebody at a brisk pace. I have no faith in hollowpoint expansion, having seen too many bullets pulled out of felons that failed to look anything like those neat little mushrooms from gel-tests. 90-grainers, and for that matter125-grainers, lack sufficeint "thwack factor" unless driven to obscene velocities in full-size service gun platforms. I want my bullets to arrive as "solid punches", something I think a moderate-velocity 158-grain bullet will deliver consistently. (This in the context of a .45 feeling "like a very hard punch", or "like being kicked".)
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Re: muzzleblast. If it's light enough to identify your target reliably, muzzle flash is not an issue. If your sure enough of your target to shoot, dark spots/lack of detail after the fact won't make much difference, and why are you still shooting anyway!? Shouldn't you be beating feet the heck-outta-Dodge at that point? What, you wanna die or something? Maybe go to jail? Civilians are supposed to STOP CRIMINAL ASSAULTS, not ENGAGE THE ENEMY in a protracted gun battle! I didn't hire you, the city's liability insurance isn't covering you, and I don't see no steenking badge! RUN! Go call the cops! Brave nobility is not for those who would LIVE!
Jus' my $0.02...