The 915 is a 3rd generation S&W pistol. However, it was the first of what came to be known as the Value Line. S&W was trying to cut the price of the 3rd generation pistols to increase sales, so they cut some corners on machining the frame, put on a 2nd generation rear sight and installed a non-ambi safety. These Value Line pistols had three digit numbers instead of four digit numbers like the "real" 3rd gens. Later Value Line pistols, such as the 910, came with plastic parts like plastic front and rear sights as well as a plastic recoil spring guide.
Ususally one can tell the difference from 1st, 2nd and 3rd generation pistols by the model number. 1st generation has a two digit model number, 2nd has three and the 3rd gens (except for the Value Line) have four digits. So, a 645 is a 2nd generation 5" .45 ACP while the 4506 is the 3rd generation version. 59 is the 1st generation 9mm hi-cap while the 5906 (stainless frame) and 5903 (alloy frame) and 5904 (blue alloy) are the 3rd generation versions. There were less 1st generation
models than 2nd and less 2nd generation models than 3rd.
3rd generation pistols started showing up for sale in around 1989. Dovetailed front sight and Novak rear sights on the 3rd generation pistols were big improvements, IMHO. HTH
By the way, ya gotta love the 915. It is highly underrated.