Just to add to a nine year thread...

I own both.

In 1978 I was shooting PPC where the standard outfit was a bull barreled Bomar ribbed K frame for Open and a smoothed up but otherwise stock K38 for Distinguished.
Several of us here concluded that we could shoot both events with a Python, heavier than a K38 and with a smooth light trigger from the Colt Custom Shop. That worked very well, no complaints.
Some years later I shot IPSC Revolver for a while, loads much heavier than target wadcutters and semiwadcutters. The old snake shot them with aplomb, no loss of fit or timing. Its only weakness was a demand for Federal primers, more sensitive under its "raftered" mainspring.

So when I got into IDPA and needed a four inch gun for SSR, I traded a German automatic for another Python and sent it to Reeves Jungkind for tuning. It did OK but I got sucked into the moon clip fad. A sawn off M25-2 was kind of hefty, so I had a 686 converted and tuned. The long skinny .38s did not clip load all that well, so I went back to speedloaders and concluded that the Smith was faster shot to shot than the Colt.

A couple of years ago, I ran side by side by side by side tests.
Python, M68 K, M686 L, and M25 N.
The Python is accurate but the long pull and soft reset make the splits slower. The M25 is great on the clip reload but heavy to swing.
It is a tossup between the K and L. I think the L better with older power factor 125 loads but the K is very handy and soft shooting at the present 105 power factor, which is about like a wadcutter.

Gunsmithing has marched on; 40 years ago a tuned Colt trigger was unbeatable (a stock Colt stacks like mad, which I do not like) but now you can get better in a Smith.