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It's hard to see, but you are 100% correct.
What am I missing?
Basically, it just shows that the polymer is straight, and the rails are straight, they're just not absolutely parallel to each other. This is what causes his "drooping" front end illusion.
I had the same issue with my 45. While it has always operated flawlessly, the droop was even more exaggerated than in the pictures posted in this string. S&W replaced my frame, which still has a very slight droop, but much improved over the first. Since the frame was replaced, I got a new serial number and had to re-register the gun. Strange that this does not seem to be an issue with any of the other caliber guns.
The thing about this is that it doesn't matter. The slide only touches the frame at the four "rail" points. The "dust shield" has absolutely nothing to do with the operation of the gun. It only covers the return spring.