Personally, I like both and there are pros and cons. I prefer adjustable sights on my 4"-6" revolvers and don't mind fixed sights on my 1 7/8" to 3" revolvers provided they are well regulated. However, my preferred .357 Magnum load sports a 125 gr bullet not a 158, and in that case I prefer adjustable sights so that I can regulate it for the load. 125 gr XTPs from a 2 3/4" Security Six at 10 yards:
I prefer night sights on my self defense revolvers, but I'm ok with just a tritium front sight on a self defence revolver (for reasons that become obvious later).
I've found that older fixed sight revolvers are usually well regulated for a particular bullet weight. For example this pre-Model 10 is well regulated for standard pressure 158 bullets at a target distance of 15 yards to 50 feet.
On the other hand recent/current S&Ws tend to be regulated for shorter ranges (5-7 yards) and are much less well regulated. Elevation is usually close, but windage is often off. A good revolver smith can usually correct it. The fact it is correctable reflects a lack of quality assurance at the factory and/or a lack of competent gunsmiths actually assembling the revolvers.
I suspect it also reflects the modern reality that the average person who owns a fixed sight revolver, particularly a fixed sight snub nosed revolver can't shoot one as accurately as the average shooter 40-50+ years ago.
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Consider the posts in this thread that suggest that handgun sights zeroed for one shooter won't be zeroed for another shooter. That's only true to the extent that one (or both) of the shooters have issues with grip, trigger control, sight picture, which all equate to the inability to maintain a proper sight picture until the shot is fired.
Over the years I have purchased or borrowed a number of target pistols and revolvers where the previous or current owner knew his or her stuff. I've never found one that did not shoot to point of aim at the intended distance. Why? Because we both know how to properly shoot a handgun.
Similarly, I own a number of non abused older fixed sight S&Ws in .38 Special or .357 Mag) (2" Pre Model 10, 4" pre- Model 10, Model 36-1, Model 13-3, etc, and all of them are well regulated and shoot to point of aim. If everyone shot to a different point of aim, there would have been no reason for S&W to regulate them at all. The fact that most revolver shooters today are not very good shots is I suspect one of the reasons S&W doesn't bother with precise regulation of a fixed sight revolver. Not many customers would notice or appreciate it.
The unfortunate truth is if the point of aim for a revolver is different from shooter to shooter, it's because one or more of the shooters has a poor grip, and/or poor trigger control, and/or poor sight picture.
I've loaned pistols and revolvers to shooters on the range who after several shots comment on the sights being "off" for them. In nearly all cases with a bit of observation I can spot the problem, and with a bit of coaching can correct it.
What happens is that shooters have a more or less consistent error due to tightening the fingers on the grip, or increasing pressure with the thumb as they get close to the trigger break, heeling the gun in anticipation of the recoil, jerking the trigger, or pushing the hand down as the shot breaks, or putting too much or not enough finger on the trigger (how much is correct varies as DA revolvers and pistols need more finger on the trigger to get sufficient leverage than SA pistols and revolvers).
After some practice and coaching, they'll be shooting to point of aim with my pistol, and whey then pick up their own handgun they discover the sights are now "off" on it.
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For many people, handguns used to be tools that were carried and used on a regular basis, and were expected to be used with precision. Today it's far more likely to see a handgun shooter going to the range and blasting away at a B-27 or zombie target at 5 yards, spraying rounds all over the target at speed and thinking he or she is a good shot.
Occasionally, someone next to me will comment to me or to a friend that I'm into precision target shooting while they are in to tactical shooting. If they are especially annoying or condescending I'll run a B-27 target out whatever range they are shooting at, switch to my conceal carry hand gun and then proceed to do double taps, controlled pairs and failure to stop drills landing the rounds in the 10 ring and head as fast or faster then they are spraying the target. Some of them shut up. Some of them just find a reason to leave. The smart one's ask "how did you learn to do that. The smart one is most often the friend the annoying shooter was explaining things to.
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1) Establish the handgun properly in the web of your hand and grip your pistol or revolver firmly (but not a white knuckle death grip) and consistently with no increase or decrease in pressure through the shot.
2) look at your target and bring the handgun up into your line of sight;
3) transfer your focus to the front sight;
4) place the front sight on target (center or 6 o'clock hold both work);
5) take the slack out of the trigger;
6) PAUSE and verify the sights are aligned and, if not, correct the alignment; then
7) finish the trigger squeeze by increasing pressure when the sight picture is good and holding pressure when the sight picture is bad.
Start slow and as you practice you'll find the muscles in your arm and hand learn exactly how they have to be tensioned to achieve near perfect rear sight alignment with the front blade and maintain it through the trigger squeeze.
In the process you'll also be developing the eye motor loop needed to keep the front sight on target with minimum wobble.
Finally, you'll be developing the eye motor loop needed to control the trigger to ensure the shot leaves with an adequate or improving sight picture.
Once you've developed your grip, and trigger control to that degree you can slowly speed up the process where you draw, bring the front blade on target and release the shot. The length of the pause shrinks over time and practice to almost nothing and is used to verify the blade is on target and/or in a self defense situation that you truly have/still have a need to shoot. You'll still want to include slow fire practice to ensure you don't lose focus on the fundamentals or develop any bad habits.