When I was a younger man I just had to have a Python. Then I finally got one: Royal Blue, 4" barrel, beautiful gun! Then reality set it. Just as it looks in pictures the trigger reach is long, and stiff. The factory trigger is narrow, and the internal action has a "long reset" which is a very bad thing for shooting double-action under stress. Certainly, when cocked the trigger release was excellent. But S&W had, and still has a better DA trigger, both in LOP, reset, and a design that you don't feel like it's cutting into your finger when you start hauling back on that DA.
On the plus side, Colt knows which way a cylinder is supposed to turn. The reason for all the lofty praise about how well they lock up is directly due to clockwise rotation that torques the mass of the cylinder "in"" to the frame. It's analogous to kicking in a door that opens into the house, versus TRYING to kick in a door that opens OUTward from the house. On the first, you kick it and no matter how many locks, you can feel it give. On the second, you kick it, and you have to have your foot and ankle X-rayed!
Also, Colt knows which way the cylinder release latch SHOULD go - backward. This is why Colt can "get away with" a simple, single rear latching point. Under recoil, G-force on the latch pushes INTO engagement versus the S&W design that tries to pull the latch OUT of engagement. Early Smiths with shallow locking pins and softer springs were notorious for having the cylinder suddenly flop out under harsh recoil. A problem no Colt will ever have, for the reason above, plus: When cocked, the hand comes up on the LEFT side to carry-up the cylinder, and remains "deployed" until the trigger is pulled, then released, thus adding a complete bar to the cylinder coming out even if the cylinder release latch were removed from the gun! This is also why Colt's feel so solid when cocked...the bolt is locked into the cylinder notch, and the slight pressure of the hand is bearing against the lateral aspect of the ratchet, and since the crane is being torqued "IN" to the frame ever so gently by this, the thing feels "bank vault" solid - and it is.
On a Smith, at full carry-up the side of the hand is generally fitted to apply "zero" pressure because pressure against the lateral aspect of the S&W ratchet would be pushing the crane (and cylinder) "out" making the lock-up feel springy. Because of this, fitting and timing of an S&W - especially the big cylinder N and X frames, is exacting, and why those sizes are more likely than the smaller sizes to demonstrate "failure to carry up" when slowing cycling the action. Often the best "field cure" for sluggish carry up on a Smith is to apply a thick layer of "grease" to the ratchet and make sure you cock the revolver quickly as the cylinder's inertia will give it the ooph needed for the cylinder stop to snap in, and the thick grease will cushion out that hair's breadth of excess clearance. You'd be surprised how effective and long-lasting such a "fix" is. When I got my first 460XVR I discovered the cylinder was failing to carry up during slow-cycle. It would carry up with a quick cycle, but still, there's always doubt. Since I didn't feel like pulling hand and firing up my TIG to layer up the hand and work it back down, I used the grease trick....worked perfectly! After that the gun carried up even during slow cycling! WHAT?
Okay, so I got off on a tangent, but the point is, the GOOD things about the Python are in how the cylinder works. But even that isn't the real draw. The real attraction of the Python is "the LOOK". Nobody want's to admit it so they talk about the overly complex action, but what draws everyone to the Python is how it LOOKS! The lines, the "ratio" of the rear swoop where the hammer goes - longer than taller as opposed to S&W's more even, and Ruger's horrible taller than longer! This gives the Python that long, low, aggressive "stance." Then the full underlug...which apparently, only COLT knows how to do to look "right," and that longer front-to-back distance of the crane...again it creates a certain look, and of course the grips....despite being too narrow, they got the shape just right. And something only Colt seems to know - that kidney-shaped trigger opening...SWEET to say the least! Meanwhile S&W has an "egg-shaped" trigger opening that is one of the better aspects of that design.
My love for the Python began with just seeing photos of it, but when I had it in my hot little hands I quickly discovered it was not anywhere close to anything I felt comfortable carrying...well, then there was also the awareness that even a tiny scratch would mar that beautiful, "plate-like" blue surface!
Certainly with modern CNC technology, brand new Colt Python parts can be milled out with extreme precision, and not cost a fortune to do it. Also, Colt could easily use an updated lockwork of simpler and more robust design that would not require any higher level of fitting ability than everyone else has. And why not, modern locking systems are pretty good, and really, it's the LOOK that's going to pull in buyers! But let's just jump ahead - "blue" finishes are for "old guys". These days there are a myriad of super tough, extremely durable finishes that actually make revolvers look pretty sweet! And they certainly make the revolver a LOT more suited to actually being carried and handled! That reduces cost greatly. Of course they can offer a higher end version for those (we) old dudes with lots of spendable cash, and much less expensive "tactical" finishes for those more interested in the shooter than the looker.