"How is the Recoil? Equivalent to a 4" 9mm semi-auto?" The recoil on the BG38 I owned seemed to be slightly less than my true J frame snubbies. I guess the polymer frame and possibly the grip/bore angle helped to "soak up" some of the impulse. Same recoil, just distributed differently. However, with standard loads and especially with 38 +P loads I found the BG38 to have a snappier recoil than similar sized 9mm handguns... These include a S&W Shield (3.1"), a GLOCK 26 (3.4"), and definitely snappier than a 4" GLOCK 19.
As a general rule I've found the small & light snubbies are a poor fit for a "non-shooter" wife, daughter, or girlfriend. They have a snappy recoil (unpleasant), lots of blast (most guns do), have poor sights (hard to hit with), the triggers are really heavy (heavier for smaller, weaker hands), and they generally aren't "fun" for a shooter who may not be fully convinced on the whole "gun thing". Both my wife and daughter will run the GLOCK 26 & 19 all day with a smile, but will avoid my snubbies if given the option.
"Are they worth the $450 new?" Cost is based on your perceived worth. Here are some competitive options as I see them.
If you are determined to get a small & light revolver I would recommend a true S&W J frame. It is a proven design with years of service and tons of parts and aftermarket grips available. Any "good" gunsmith will know how to work on a J frame and can smooth & lighten the trigger pull.
If a laser is the big selling point get a Crimson Trace grip laser. Unlike the BG38's laser, the CT grip laser doesn't require a separate action to turn the laser on... You just grasp the gun and the dot appears. S&W sells the aluminum framed 642 with CT laser grips as a package.
If a polymer revolver is your interest, look at Ruger's offerings. The also sell one with a laser grip as a package. Ruger's polymer revolvers are a few more dollars than the BG38, but their out-of-box trigger is smoother and all reports say they actually work as advertised (segue).
The BG38 taught me that S&W revolvers are NOT 100% reliable. OUCH!!! Busting this myth came later in life and was much more traumatic for me than learning about Santa. My BG38 failed (the action and cylinder totally locked up) after one month and I sent it to S&W for repairs. Upon return, it would misfire with light primer strikes. Back to S&W... They couldn't fix it and offered to send me another one. I elected to pony up a few more dollars and had them send me a model 642CT J frame snubbie instead. Life has been good in my small revolver world ever since.
To be fair, others have had flawless service from their BG38s. I'm just relating my experiences with one example of the model. However, ditching the BG38 was my best option since I could no longer trust the design.
Sorry for the ramblings... Just one man's view.
Edmo