To answer the OP's question, do Pythons perform better than other Colts, I would say for the most part no. Many other Colt firearms use the same type action, the V spring. Although the Python was devoted more attention in building and finishing, and the barrel grooving was done for accuracy. So it may be more accurate, but not necessarily better performing. My 6" is the most accurate gun I own. Actually, all my Colts are the most accurate guns. So you could buy any other Colt with V spring action and save a bunch of money versus a Python.
How do Colts compare to old Smiths? I have no idea, I pretty much only prefer Colts. If I had a choice, it would be Colt every time.
The rumors of fragile actions are mostly false. Yes, they are prone to timing problems if abused, but so are Smiths or any other gun. In good hands they will last just as long as any other firearm. Many people have testified about the longevity of Pythons in this thread, so anyone who refuses to believe they are tough guns just doesn't want to. I would even say the Python's I frame is tougher than a K frame. Oh, and whoever said a J frame blows away a Colt D frame must really be S&W biased. There is a reason the Detective Special got its name and ruled the LEO BUG gun for decades.
The Python was made to be 'custom' competition gun but produced in normal production. The very best Colt could make. They incorporated a lot of features the King Sight Company used to do pre-war. I know everyone gets all gaga for a King Super Target, but dang, it looks just like a Python doesn't it. Yet no ones likes the Pythons look? I believe that higher level of quality reigned true for the first 25yrs of production on the Python. The high retail prices kept most people buying Smiths, and still do. Those higher prices are why there are so many like new Colts still out there. Folks who bought them years ago paid a good amount and so they took care of them, usually rarely firing them.
It is all personal preference. Try some Colts out and see how they do for you. I don't support the current stupid prices on Colts, but I do support the superiority of the firearm compared to others. For me, Colt made the better product. My opinion is based on owning, shooting, and gunsmithing both brands. I can make endless cases in favor of Colts, but I won't. People are free to enjoy what they want. Although I wish people would quit with the biased hearsay when it comes to Colts and just stick with first hand experiences, if any.
I will say, if you are an engineer or just a fan of intricate mechanical devices, the Colt V spring action will definitely 'trip your trigger'. It is the design and details along with the precise hand fitting and care that goes into the Colt V spring action that makes it special.