Holy cow! F-I-V-E posts and nobody has drilled it.
The question was specifically:
which is the best to reload for?
This is a softball question, no-brainer.
You can make a hundred arguments about what is fun, what is good for carry, what is good for shooting, what it _________, on & on.
The question is, which is best to reload for?
It's .45 Auto. If the question is between .40 S&W and .45 Auto, it's .45 Auto, it's not even a race. It's not close and it never will be.
The .40 cal is a high pressure round with a scattered history of catastrophic failure. It's avoidable, of course, but it's a 35k PSI max round that's typically chambered in a pistol that was specifically built around a .355" round. Most .40 pistols were designed from the ground up as 9mm's.
The .45 Auto runs 21,000 PSI and the brass lasts
forever, to the point where you actually wear the headstamp off them.
It looks like a closer race if you do pros and cons... but if you simply ask which is better to reload for, it's .45, .45, .45.
Cons for .45 compared to .40 cal:
--Used brass for .40 cal is cheaper because the stuff is
everywhere. .40 brass is only bested by 9mm in center fire cheapness in cost.
--bullets are a bit lighter so if you figure bullet cost by the amount of lead/copper, .40 slugs can be cheaper.
I can't offhand think of any other reasons to even mention .40 cal at the load bench as a choice over .45.
.45 is a moderate pressure round. Much, much less chance of catastrophic failure, especially for the infamous "lack of case support" that follows the .40 cal every where it goes. The .40 S&W gets is own personalize preface in many load books about "high pressure" and "case support" and "be careful."
The "pros" for .45 are as long as almost any chambering you can list.