Outstanding round - incredibly versatile. If I could have only 1 gun, it would be a revolver in .45 colt with a 4.5" bbl.
You can load it down to .44 special/.45 acp type power, or load it up to and even significantly surpassing .44 magnum power. With the large case capacity, you get do just about anything when reloading it, provided the gun is strong, and still at relatively low pressures. You can load birdshot/snakeshot, heavy bullets, light bullets, anything. Can shoot rabbits to moose with proper loads. Classic timeless round.
Winchester model 92 (or clone), and a single action revolver, both in .45 colt, is a classic combo. Or sub out a DA revolver for a modern pair. In fact, the .44 magnum really has no
raison d'etre, but for the old old revolvers in which modern heavy power .45 colt loads should not be shot - and thus the creation of a new round, to keep people from blowing themselves up with new hot rounds in old guns.
Example of Standard loading:
http://www.buffalobore.com/ammunition/default.htm#low45
And "+P", so-called:
http://www.buffalobore.com/ammunition/default.htm#45colt
P.S. Some people call this the ".45 LONG Colt" - can't really say they're *wrong*, but they are not *as right*. It's called the .45 Colt.