I've heard that they don't have a lot of stopping power, but that might change with softpoint bullets. On the other hand, Churchill used a 7.63mm Mauser pistol with slightly lesser ballistics in the cavalry charge at Omdurman, and got three kills, a wound and the rest of his 10 rounds may have missed. (Don't know how often he may have shot any one Fuzzy-Wuzzy.)
I can tell you that we had them in the USAF in the 1960's before M-16's became common. From a two-handed sitting position at 25 yards, I could shoot better five-shot groups with my Combat Masterpiece .38 than I could with the .30 Carbine, but many of those we had were rather worn. Of course, the average chap who wasn't "into" handguns had a much better chance of hitting with the carbine.
Lone Star