I'd agree with many already that the 457 is an excellent carry gun, but for home defense I would go with a larger all-steel model like the 4566TSW. You would have the benefit of a longer barrel, a sturdier frame, and a heavier gun that will soak up recoil like a champ. Not to mention that it's a higher-production-grade S&W 3rd Gen than the value line 457.

The 4566TSW also normally has a rail, so you have the option of adding a light or laser if you choose. This particular model can also be had for around $400 on Gunbroker these days, though they are drying up quickly at that price.

The larger 8-round 4506/4566 mags will also work in the 457, and I personally only use S&W factory mags for the 45xx guns.