I have two... a high condition IPSC Commemorative and a mid-grade non-IPSC where someone did same as the one you're looking at, replaced the fixed Novak-style pre-Novak with an adjustable rear sight.
Things to know... hmm, let's see what I can think of.
--these have a two-way adjustable trigger. Not adjustable for pull weight, but you can add or eliminate pre-travel (take-up) and you can adjust the trigger stop for over travel. I have found that this trigger stop, properly adjusted, is FANTASTIC and absolutely improves my ability even though the trigger pull is not what a snob (like me!

) would call light.
--unlike most 1-2-3rd Gen S&W pistols, this one does NOT have a magazine disconnect safety. It also does NOT have a decocker of any kind, the single side safety is a simple hammer block and nothing else.
--most 745's came with the same magazine that the 645 had, so steel floorplate and red/orange follower and not exactly the same as the 4506 magazines discussed. Some early 745's came with these magazines with a very rudimentary rubber pad glued to the floor plate. Rudimentary is a perfect word here because they simply do NOT look like something the factory would have sent (they look like a basement bench job) but they are indeed original. However, as said, all generations of 4506 magazine fit and run beautifully.
--the 745 came with wood stocks and as far as I know, only ever shipped with wood stocks. 645 plastic stocks fit. The Pachmayr grips for the 645 do fit HOWEVER until you modify the Pachmayr grip on the left side, the safety lever is too large to function. You can shoot the pistol with an unmodified Pachmayr grip but you cannot use the safety. Beware that modifying the Pachmayr grip appears easy, but it is a steel lined grip so you will need to go at it with a Dremel or similar. Other grip options for the 745 are scarce.
--some 745's were shipped with a problematic extractor. Long story short... the extractor itself is perfectly fine however the hole for the spring was drilled too deeply in error and it seems this was scarce enough that no serial range was identified and no recall was issued... but I have seen other folks deal with this problem and I certainly did also. Knowing what I know (now!), I would not be scared of this pitfall but I can see how others might be. If it happens that your 745 fails to extract repeatedly, it can be handled.
--interesting (at least to me...?) that my 845's and 945's are extremely, extremely accurate pistols with plated bullets but my 745 does not like them. I definitely believe
_dave n_ above, but cast lead is the route for that. I fully intend to try powder coated in my 745's next. Please understand that nobody, and I mean NOBODY who is an accuracy nut (an is an accuracy nut with good sense) would specifically choose a plated bullet specifically for accuracy in a handgun. It may be the worst of all choices if your goal is gilt-edged accuracy. I'm not slamming plated bullets, I've eaten through more than 100k of them, I'm just saying. Bottom line is that my higher end S&W .45's can shoot plated accurately but my 745's throw flyers with these slugs. YMMV!
--if you are a Performance Center guy and you love guns like the 952, PPC-9, 945... the 745 may disappoint you. This pistol is not built like a PC gun at all. The trigger isn't there, the slide to frame fit is nowhere near there. It is fitted very much like a 645. I am a hardcore PC guy but I love my 745's, they are just retro-cool and so extremely shootable. But if you are thinking 945, you will be extremely disappointed.
--the market for these has been rising over the last five years. Half a decade ago, $650 would bring one home. Those days are GONE. These guns are all headed toward a grand unless you find one NOS/NIB, and when you do, these are beyond $1,000. The very last version of factory production 745 had it's own product code, these were the non-IPSC guns with factory installed adjustable rear sight, shipped in 1990. Outside of the anomaly that Jim has, these 1990 guns were the last of the 745's and are scarce and should carry a premium.