I wouldn't call it a novelty gun. A novelty gun, to me, is something along the lines of a Desert Eagle, NAA mini revolvers, etc., firearms that are more conversation pieces than practical lead throwing devices. As mentioned above, I'd say the gun in the original post would probably make a decent guide gun, that is carried for emergency use and rarely shot, however, there are lighter weight options available.
Definitely not my thing, and I suspect S&W can make more money producing something for a wider audience, but I'm always happy to see a US company still producing a quality revolver!