I would not believe it if I had not seen it with my own eyes. The 627 PC that Jerry Miculek uses for competing in IRC (.38 Special, with Bushnell Holosight) has had the locking flag removed.

Say what you will about the pros and cons, this is quite an interesting find. The picture is on his website:
Jerry's Equipment :: Revolvers & Shotguns : Bang Inc., If it goes bang, we shoot it!

Scroll down to the IRC revolver with the Bushnell Holosight on it and look at the close up picture showing the cylinder cut for moon clips here:
http://www.bang-inc.com/images/gunsg...nder.large.jpg

One can clearly see that the locking flag has been removed from the mechanism. I can spot this as I have done it to one of my frequent carry revolvers. The locking key hole is still in place, yet the flag that locks the hammer is gone... rock on Jerry.