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The 586 and 686 are essentially the same revolver, an L-frame .357 magnum with a full length lug. The 586 is carbon steel with a blued or nickel finish. The 686 is stainless steel throughout.
Blued or plated steel is more susceptible to rust and wear than stainless steel (which is not immune), and nearly impossible to repair invisibly. With care, either stay beautiful for a lifetime.
Being newer and in current production, the 686 will have design changes not everyone appreciates, and some say suffers from a drop in craftsmanship. I favor the internal firing pin and remain neutral about the notorious lock. If I carried a revolver for SD, I'd probably remove it and plug the hole.
Either will produce 3" or smaller groups at 25 yards with practice and in the right hands, something pistol shooters can only fantasize about.
The 686 is really not stainless throughout and it never has been. The frame, barrel and cylinder are stainless as are certain small parts. Hammers and triggers looked like stainless in early 686s because they were standard carbon case hardened which was then flash chromed to look stainless.
Pistol shooters do not have to fantasize about 3 inch groups at 25 yards unless you are talking about "service" pistols such as Glock, M&P, SIGMA Series, etc., but certain autos, such as the 1911, the HKs, the S&W Performance Center pistols, the S&W 52 and 952 will exceed the 3 inch group at 50 yards. Easy. Les Baer makes several which he will guarantee will shoot 1.5 inch groups at 50 yards.
Unfortunately, very few shooters today can shoot as well as the pistol because they never learned bullseye, the basics of slow fire, or trigger and breath control, and many never practice beyond 3 or 5 yards. No kidding. I have read posts on here of people trying to "sight-in" at 7 yards.
There is no doubt that a good S&W is very intrinsically accurate, but so are a great many pistols. Intrinsic accuracy is what the pistol can do from a machine rest. Unfortunately, extrinsic accuracy - what a given shooter can do with a particular pistol, is almost never as good as intrinsic accuracy. The fact of the matter is that S&W, Colt, HK, among others, make perfectly good service pistols that will easily exceed 3 inch groups at 25 yards. Several of the semi-custom or custom makers also do this, such as Wilson Combat, Les Baer - oh, and don't forget Dave Williams over at Springfield Custom who builds 1911s for the FBI HRT team, and those far exceed the standard you set, and in a combat pistol.