The paper can provide protection to the surface of the revolver. The oldest revolvers I have that have continually resided in cardboard boxes wrapped in the S&W paper are from the 1970's and as they approach 50 years old the finish is holding up perfectly well.

My dad has some S&W revolvers in blue plastic S&W cases with foam inserts that are wrapped in S&W paper from the 1990's and as they approach about 25 years old their finish appears as new. I've encouraged him to store them outside the foam lined cases but with 25 years of success it's hard to argue against it.

There seems to be a general consensus about foam liners. Keep the surface of your firearms away from the foam as the foam may absorb moisture and transfer that to the surface of the firearm and create rust. The S&W paper probably creates a safe interface between the foam and the surface of the firearm.

There also is a definite consensus about presentation cases with flocking. GET YOUR REVOLVER OUT OF THOSE CASES. There's been plenty of pictures of revolvers with finish damage related to residing in the boxes with flocking.

If you're wondering about long term storage there's a lot of methods but there seems to be agreement that Bore Stores is a good way to do so but certainly not the only method. I have some 50 year firearms that have resided in an old sock with no issues.

__________________
Scoundrel & Ne'er-Do-Well