I own one with the 4 5/8" barrel. It shoots both very nicely, but the edge goes to the .45 Colt. The additional "jump" of the .45ACP bullet takes a bit of accuracy out of it.
I load the .45 Colt up pretty warmly. It's digested everything, and the shorter barrel puts out a muzzle flash that's really fun to watch, especially at dusk.
I carry it as a "hiking" gun.
I don't think you can go wrong with it.
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