On a quality / tolerance basis, the Python would take it, IMHO. They were hand fit, locked up tight, had tapered bores and were lavishly finished.
However, in re-adopting forged hammers / triggers on the PC product I'd assume that S&W had to go back to the "trial fitting" used prior to the introduction of MIM. This may have some bearing on the MSRP. It's my understanding, though, that S&W "trial fitting" was never the same as Colt's "hand fitting".
The downside to the Colt assembly was dicey interchangability and what has now grown to be a real problem getting them serviced, should they need it. My concerns to the contrary notwithstanding, I have not managed to shoot the Python to where it needed service. It seems plenty robust. My personal take is that we tend to worry too much about shooting them loose and not enough about how to get them maintained should they need it.
Here's the obligatory Grant Cunningham blog article:
http://grantcunningham.com/blog_file..._delicate.html
It's routinely linked by both those that feel the Pyton is too big of an ordeal to get serviced and those claiming it's not delicate. It's probably both.
The 627PC has a trigger as agreeable as any of my older S&Ws. It's as nice as any of my Bangor-Punta era products and considerably better than some. The caveat is that my "older" stuff isn't that old - I'm not making any comparisons to pre-27s or "long actions".
The quality on both is excellent. By design, the S&W doesn't require the sort of tolerances the Python needed for its lockup. OTOH, the Python needed to maintain those tolerances. As noted in the Cunningham blog:
excerpt said:
There's another measurement to consider: at rest, a Colt cylinder should move front-to-back no more than .003" (that's 3/1,000 of an inch.) This is - in the absolute worst case - about half of the allowable S&W movement!
Now, let's say a S&W owner, used to their looser standards of cylinder lockup, buys a Colt. He goes and shoots it a bit, and the hand (which probably has a bit of wear already, as he bought it used) is approaching the normal replacement interval. He checks his gun, and finds that the cylinder has just the slightest amount of movement when the trigger is back, and half of his S&W's longitudinal travel. Heck, he thinks, it's still a lot tighter than his Smith so it must be fine to keep shooting it.
WRONG! It's at this point that he should stop shooting, and take it to an experienced Colt gunsmith to have the action adjusted.
...
I've had local 'smiths, claiming expertise they didn't actually have, ruin Pythons on me. If one needs service either make sure the 'smith isn't blowing sunshine up your dungarees or just sign up for the wait.