One of the reasons I love this board is I don't feel like the "old man" here when I reference stuff that was nearly 50 years ago!
I bought my first new S&W, a Model 28 Highway Patrolman when I turned 21, back in 1971. It's been a great gun that I still own. In the years since, I've bought more than a few S&W's including many of the new ones that some 'aficionados' disdain. Without reservation, I will state that the S&W of today is not only equal to, but in many ways superior to those of the past in terms of materials used, assembly and accuracy. Looks are subjective, and if having a hole in the side of your revolver bothers you, plug it. Unlike many who grouse about the new guns, I've spent a fair amount of time working inside S&W revolvers. As a sideline, I used to be a dealer and gunsmith. I've watched the evolution of parts and machining not just in the firearm arena, but in manufacturing as a whole. Tolerances today are held much tighter, which eliminated the hand fitting so many seem to hang their preferential hat on. I'll take a part that fits perfectly over one that needs to hand fitted any day. Hand fitting is subjective to the person doing said fitting, and everyone has an off day. Most of the parts today require no hand fitting, even when being replaced in a "Bubba" gun. Try that with an older model!
Yes, somethings have gotten 'cheaper' in quality, such as the use of laminated wood (not to mention rubber) for stocks over solid blocks of wood, but for the most part, advances in machining and materials have made the S&W of today superior to the one of yesterday. The one thing lacking today that creates an issue for end users is the seemingly poor job of inspection S&W is doing. There can be several reasons for this, which I chose not to discuss at this time, but if there is anything that S&W is falling down on, it is this. Other than that, those who say the S&W of old is better than today's S&W remind me of those who say the cars of 60 years ago are superior to today's product - which hands down proven to be wrong. While I'll concede that cars back then have more appealing design, beauty is in the eye of the beholder, and I knew guys who felt cars of the 30's left everything subsequent to those years in the dust.