I once attended an autopsy of a bad guy who took a 148 HBWC at about 5 or 6 feet range, fired from a S&W Model 36. Very experienced coroner did the post, commented that it was about the most destructive handgun wound he had ever seen. Recovered bullet was a near-perfect mushroom measuring a little over 1/2" diameter with nearly full weight retention.
Since then I have loaded many of these and tested them extensively. I remember settling on a load of 3 grains Bullseye, bullet seated fully and heavily crimped. Fired from revolvers with 2" to 4" barrels accuracy was comparable to same bullets seated conventionally out to 25 feet. Beyond that distance accuracy dropped off considerably, and tumbling was diagnosed via "keyholes" in the targets.
Heavier powder charges might conceivably blow through the bullet at the center, with a possibility of leaving the tubular remnants of a bullet in the bore (although I did not experience that, I did not wish to push the limits).
One gallon milk jugs filled with water are utterly destroyed by hydraulic force, and the bullet seldom penetrated fully to the backstop. Cans of tomatoes erupt in an impressive manner, again with bullets seldom penetrating to the backstop. Various clothing items, up to leather jacket material, was tested with no discernable difference in performance.
Penetration through car doors was less than 50%. Penetration through auto side windows was good only when the angle was dead-on, any deviation resulted in deflection. Penetration through car windshields was nearly impossible to achieve.
Rapid reloading is very difficult, even with speedloaders, as the blunt cartridge end must be fed straight into the chambers of the cylinder.
My conclusions: a very effective round when used at short range against soft-tissue targets, diminished accuracy beyond 25 feet, unreliable penetration against any target offering significant resistance, significantly longer time required to reload.
My old S&W Model 37 remains loaded with these to this day.