OOohhh another iteration in the great smith VS ruger debate.
Best thing to do is buy both!!! I did, and they're like having two children. you love them equally, but each has their own uniqueness.
ok, now that that's out of the way. best thing to do is go with the one you like the feel of the best.
Lots of internet people will say that the ruger trigger is rougher Mine is nearly the equal of my smith 19. the double action is smooth, and the single action is within the tolerance of my trigger scale to my buddys 686 no dash. In point of fact, the double action is slightly lighter than his.
much is also said about the ruger being built like a tank. Mass doesn't lie, it's a heavier gun.
You mentioned the sights, I agree the front post on the ruger isn't super, but the ruger can do one thing the smith can't do easily, you can swap out for a hi viz front. that is a world of difference. A simple mod I highly recommend.
in the world of beauty lines, a 686 with the wood grips has a more elegant appearance than the ruger. In the world of look alone for display - I feel there's no contest there. smith all the way. The ruger has it's own look as well, but it's more of a chunky purpose-built form follows function look. However, that appeals to some as well.
One last thing I will mention with the ruger. Mine (and others around the web) does not like lead that much. the throats are very close to .357. Mine will shave a significant portion off of a .358 bullet. The situation is easily remedied though by reaming the throats. (something which I have decided not to do) or to shoot only jacketed or plated sized to .357.
Price is probably the only place they differ considerably. in my neck of the woods, a 686 is $150 to $250 more than the ruger in all barrel lengths. That's not an insignificant number to me. and used ones are non-existant. in 2 years checking 3 different shops in my area, I've seen a grand total of 2 used smiths and 1 used ruger. in both cases with the smith, the used price was still in excess of the NIB price of the ruger.