Okay.....
Today was my pickup day for a new S&W 686+, 4" barrel. I wanted to actually own a new S&W (I've handled several, but only briefly examined them) , so I can shoot it and compare it side-by-side with my 1996 S&W 686+ 6".
Here are my findings:
Trigger pull: The 1996 S&W wins by a HUGE margin. In DA, the trigger on the '96 year is smooth as butter AND light. It barely feels 9 lbs. SA trigger on the '96 year is outstanding, breaks like glass and feels less than 3 lbs.
The '04/'05 686+ has a DA trigger that feels twice as bad as a stock Ruger (in terms of stacking and pull quality). Weight feels 15-17 lbs, and there is stacking. While Rugers might be similar in pull weight, most of mine are smoother than this and thus don't feel so heavy. SA is very good though, but SLIGHTLY spongy and doesn't have the crisp feel of the '96 model--feels in the neighborhood of 5-6 lbs.
Overall fit/finish advantage goes to the 1996. Although overall they are close, the hammer and trigger look cheaper on the 2004/2005, almost looks like it is made of tin or cheap light metal. The other thing about the hammer is that the firing pin is no longer on it with the new '04/'05 year 686+, which maybe accounts for the heavier DA pull? I new that they no longer use firing pins on the hammer from previous handling of a new S&W though.
Tightness/ cylinder indexing/cylinder gap are even, both years are very good but NOT top notch. These characteristics are better than any GP 100 I have, and only one SP 101 I have surpasses the S&Ws here.
The lock....can't say I like it, but its NOT that ugly IMO. It would look nicer without it, but it certainly could have been worse.
Grouping: My groups are about twice as tight with the 1996 686, most likely due to better trigger, and more sight radius.
My overall opinion, I definitely prefer the 1996 year much better, but I think with some gunsmithing I can get the 2004/2005 686 up to my standards. I'd like to have trigger work done, replace the hammer and trigger (if they even make mod parts?), and change the grips--I HATE finger grooves.
I'm also going to consider buying older S&Ws in the future, those that were made before they put locks on them, or removed the firing pin from the hammer. Just IMO, YMMV