I have the SP101 in 3" w/Hammer; I love the gun BUT; for concealed carry I think there are a lot better choices when you consider concealability and capacity. It is to heavy for pocket so it's on the belt which means you have to compare it with what else you could have on the belt. It's only 5 shots and the cylinder buldge does make it harder to conceal and may even make it more uncomfortable depending on your build.
I carry a Colt New Agent .45 that is smaller and thinner than my SP101. It's every bit as rugged; it's 8 rounds of .45 with faster reload. Even with practice a revolver reload is slower than an equally practiced auto reload. And my colt new agent is more comfortable on my hip.
I love my SP101 and I do think it's a great small frame .357! With Pachmyr grips, shooting .38's is a pleasure and .357's are manageable, however, there's less perceived recoil with my Colt New Agent .45 than there is with the SP101 and .357s!
Still I carry mine sometimes when I'm working or out in the woods just because I love it. It's not nearly as accurate as most of my other guns so I wouldn't think it too well suited for any kind of hunting but it's okay accurate for any defensive situation.
For dedicated concealed carry I'd go with the 2" barrel and bobbed hammer. I'd also be sure any grips I put on it would work with speed loaders. I've tried a lot of grips on mine and truthfully, most grips don't work with speedloaders! I'm surprised by the number of custom grip makers who make grips that won't work well with speed loaders!
I think you should get it for the collection but I would consider an S&W 60 for carry. It's more compact, handles .38's beautifully and is still heavy enough to handle a lighter .357 if you're willing to practice a bit.
An S&W 60 will likely be my next snubbie purchase.
God Bless
