I own a a 7 shot model. I haven't carried it yet, mostly because I can't find a holster, that's not custom made, for any 686 with less than a 4" barrel. I guess I'm gonna have to put out the coin for a Milt Sparks or something.
As for the gun itself, it's a dream to shoot and the trigger's like butter. I haven't really noticed the shorter sight radius. All in all, it's my favorite handgun out of the three I own (M57, M640).
If you like S&W revolvers, I can't really think of a good reason not to get one except maybe it's a little over priced. But all S&W are like that I guess. Also, being color blind, the red insert on the front blade doesn't really work well for me. I use finger nail polish to brighten it up a bit.