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.