I just purchased a 686-4 (4" barrel) with a firing pin on the hammer. I'm also looking at a 686-5 (6" barrel) but noticed the hammer and firing pin are different. Is one better than the other? Any advantages to one versus the other?
In actual use, there is no difference in advantage or reliability. Some will say the original (on the hammer) firing pin is better, but that is only because some more recent mfg. revolvers have had slightly short firing pins and that can cause misfires. I have never heard of a hammer mounted firing pin ever being too short.
The advantages belong to S&W, mostly. The new style hammers are less expensive to make and have tighter tolerances, therefore requiring less machining and hand fitting. As end users, we enjoy a lower price, in theory.