I have ever owned or fired a 357 Sig, so I guess I am slightly biased.
I bought a Colt Custom in 38 Super, and had Dane Burns convert it to 9x23. All I can say is WOW!
My target loads are soft, and moving at 1000 fps. Factory loads from Winchester move about 1430 fps, with 125 gr Silvertip HP. When you want to get mean and nasty, you load up some Winchester brass to 1600fps - 1700fps.
The recoil, in a 1911, is easier than either my Kimber Gold Match shooting .45 ACP, or my Premier II shooting factory .40 *&*. That is when you are shooting the hot loads, too.
The 9x23 is slightly different than a 38 Super and it's clones. One of the things it has going for it is the really strong brass that Winchester makes. I believe the pressure limit on it is 45,000, but am not sure. I do know that on some of the hotter loads, you need to be using small rifle primers as you will destroy the small pistol primers. (Note: this is my own choice, and using rifle primers and heavy loads is not recommended to all.)
I guess it depends on what you want. If you are looking for something to shoot in a small frame, I don't think that you would gain that much with 9x23. I do know that this 1911 is quickly becoming the most accurate 1911 that I own, and once I get used to it and find good loads, it may replace my .45's (did I say that??).
Basically, it shoots and hits like a hot .357 Magnum round, without the recoil and blast. And almost everyone thinks the 125 gr .357 Magnum round is a great stopper, don't they?
Oh yeah, I forgot to mention that in my opinion, reloading any straight walled pistol case is going to be eaiser and faster and maybe more reliable than a bottle-necked round.
Casey