Depends on who you ask.
20 years ago, I switched my USPSA match caliber from 9mm/45ACP to 40S&W to readily meet major power factor shooting limited division and have the option of shooting mild recoil minor PF loads for production
Many shooters told me the 40S&W was inherently inaccurate than 45ACP and the snappier recoil was not a benefit compared to the 9mm.
To me, shooting 180 gr bullet at major PF with increased capacity was a plus compared to 45ACP and shooting 155/165 gr bullet at minor PF with similar recoil was another plus compared to 9mm. I shot a lot for practice between matches and using hotter loaded 9mm (probably +P) and 40-9 conversion barrels in my two Glock 22s saved on cost. For me, it was best of both worlds with benefits.
What about accuracy?
My shooting/reloading mentor was a bullseye match shooter and I assimilated many shooting/reloading tips for fast action pistol USPSA match. I too found my Glock 22s not as accurate as my Norinco 1911 heavily fortified with Wilson Combat parts (my mentor had me hand fit all the parts) or the Glock 17 but it was not due to caliber rather refinement of match loads.
Since tried and true match loads for 45ACP and 9mm were readily available, it was easier to start off with "known accurate" match loads while many were still developing their 40S&W loads. With this handicap, obviously most shooters would produce greater accuracy from 45/9 pistols and perpetuate the myth that 40S&W was not inherently accurate. If everyone jumped off the cliff, it would only make sense to do the same, right?
I have shot a lot of 40S&W loads the past 20 years (several hundred thousand rounds) using jacketed/plated/moly/lead/coated lead bullets and like 9/45 calibers, accuracy depends on the sum of components used. Right bullet and powder/charge combination will produce accuracy, like any other caliber.
It is easy to blame the caliber for not producing accuracy, especially if you are not accustomed to the snappier recoil coming from 9/45 that produce relatively less snappy recoil. My sister who tried different calibers and pistols selected 40S&W and M&P for her match caliber/pistol and is outshooting most male shooters who cautioned her against shooting snappy 40S&W, including her husband who likes 45ACP and 1911.
When a fellow THR member who wanted to shoot 40S&W as match caliber had trouble obtaining accuracy, I suggested using longer than SAAMI max OAL/COL to reduce high pressure gas leakage around the bullet for more consistent chamber pressures and his accuracy improved -
http://www.thehighroad.org/showthread.php?p=9363753#post9363753
Fast forward 20 years and how is accuracy of 40S&W loads compared to 9/45 loads? Comparable.
As shown on comparison target pictures below, 2" at 25 yards would be considered accurate by most shooters -
http://www.thehighroad.org/showthread.php?p=9878749#post9878749
9mm loads with RMR HM bullets and WST/BE-86 powder with G22/KKM barrel
40S&W loads with RMR HM bullets with Herco/BE-86 powder with G22 loaded longer than SAAMI max length
45ACP loads with MBC 200 gr SWC with Red Dot/Promo powder with Sig 1911
Smallest 40S&W 5 round shot group witnessed by fellow THR member -
http://www.thehighroad.org/showthread.php?p=9646469#post9646469
So if you ask me if 40S&W will ever meet accuracy expectation of 45ACP in 1911, I will say it is plenty accurate in Glock 22 and should do even better in 1911 platform.