I have first hand experience with a very similar gun... mine is also a 3rd Gen S&W, but in 10mm.
Your pistol was perhaps the finest example of it's breed
in it's heyday, and it is a dated design these days. You've got a stainless steel upper and lower, no aluminum, polymer or alloys. That means that it's durable and it eats up recoil, but by today's standards -- it's a massive brick, overly heavy, like carrying a cinder block, etc etc.
The adjustable sight model (you have) had very nice sights, but with the most horrendous protective ears around the rear sight. The fixed sight models (of the later 3rd Gens) were Novak fixed sights, also the best of the best in their day. They are quality, durable, work great, and look much better than the adjustable with it's freakishly awful protective ears. The early Novak fixed sights were, IMO, the basis for the finest fixed sight we see today. (some may not agree)
Your pistol wears the OEM "delrin" factory original grip. Though it looks great, these have a reputation for not being all too grabby or grippy and they've also been known to chip, scuff and wear. Yours look hardly touched -- nice looking! Back in the day, Hogue made the most popular replacement grip...most went with a very grabby & durable rubber grip, but a fancy wooden Hogue grip was available also. These are still easily found as new old stock, check Gunbroker.
These pistols were made with a dual function ambidextrous thumb safety. Flip it up and the pistol is ready to fire -- flip it down and the trigger connects with nothing. Safety flipped down and the hammer will automatically drop/decock. If the safety is flipped down and the slide locked open, you can chamber a round and the pistol will automatically drop the hammer for you.
Again, back when DA/SA was in it's heyday, this system worked
very well, but it's clearly
NOT popular these days and legions of folks who may be too simple minded to adapt to a particular handgun will profess with great froth & energy that any safety on a pistol that flips UP to fire and DOWN for safe is straight from Lucifer.
It's a fantastic handgun that is end-of-the world durable. It was built and designed as a workhorse duty gun, not really a concealed carry gun. It wasn't used nor designed for competition, though I'm sure some folks employed it as such.
If not for the tremendous renaissance of the 1911 design and it's extreme popularity these days -- and the obvious popularity of the polymer revolution, Smith & Wesson might still be making these. But they aren't. They hung on for a bit even as the polymer guns quickly encompassed the market for both duty and concealed carry, but when Smith & Wesson got drawn in to building the 1911 (as did, well, nearly everyone) the "other" non-polymer pistols went the way of the dodo bird. From a purely business standpoint, this was inevitable.
In the year 2012, they are a fantastic reminder of the road that semi-automatic handguns have taken to arrive as we know them today. But their time has passed and while they will always have their place in history, they don't occupy a lot of space in the "now." Such is progress.
Fortunately, they were popular enough that Smith & Wesson made a lot of them. For under four bills and looking as it does, my opinion is that you got one heckuva great buy, even if it's not cutting edge technology.
It's almost hard for me to believe that I don't have a fine 4506 in my cache.