"Pinned" refers to a pin that used to prevent the barrel from being rotated in the frame. It went through the frame somewhat forward of the throat.
"Recessed" refers to the rear face of the cylinder and extractor, which were counter-bored so the rim of the cartridge case was wholly enclosed.
Smith & Wesson frames are referred to as "five-screw," "four-screw," and "three-screw" depending—believe it or not!—on the number of screws that penetrate the frame. The fifth screw was the first lost. It was located on the front of the trigger guard immediately below the frame. The fourth screw was at the top of the side plate.
Realistically speaking, none of the above features actually made the guns any better. I believe they're really indicators: a little at a time, Smith & Wesson discovered ways to reduce the costs of manufacturing revolvers. Some of the cost savings were trivial; others were more significant.
Pinning barrels isn't significant; shipping defective barrels, however, is.