...Anticipated use--target shooting at distances of no more than 25 yards.
I have used both but for your target shooting application I would recommend a good quality red dot sight.
Currently I use two different systems: A Nikon Monarch VDS Red Dot on my PC M627, and a Burris FastFire II on my Beretta 92FS. I can also mount the Nikon on my M617 using the same hardware I use for my 627.
Personally I like the fact that the red dot can only be seen by the shooter. It doesn't radiate high intensity light out the optics, and it's low power so you get longer battery life.
The advantage though may go to the laser if your battery dies on your red dot. With the laser you can still easily use you iron sights. This is probably more of any issue for "other than target shooting" events.
Red dot sight corrections are more precise and I suspect more repeatable. Accurate bore sighting at longer ranges seems easier and red dots generally minimize (not eliminate) parallax correction out to about 50 yards or so. The laser's impact point is moved - rather coarsely - with an allen wrench. I don't have any reason to believe that this is a bad thing or that it affects day-to-day repeatability but I do prefer the distinctive "click" of the adjust knobs on my Nikon.
For really precision target shooting having a small red dot is important. Many red dots allow you to dial in an array of MOA dot sizes. The laser's dot size is usually large and fixed, and subject to contamination or distortion because of cleaning materials, lubricants, or dirt getting into the laser's optics.
I have a set of laser grips for my Beretta that seriously distort the spot size if you are not careful avoiding the optics when cleaning the gun. Clearly, you could remove them when you are cleaning the gun to minimize this problem. However, it's enough of an issue with my Beretta laser grips that I consider them unusable. I've followed the recommended procedures for cleaning them but it didn't really help much.
Though I recommend the red dot system, I can see advantages to both. But for target shooting I think the red dot is a better choice IMHO. It offers both the reliability and precision you may be looking for in target shooting.
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