I have a 70s era S&W model 49 "Bodyguard" all-steel, J-frame, shrouded hammer. I also have a new, lighter, alloy-framed 642 DAO J-frame.
The new gun is lighter, has better sights, and is rated for +P ammo while the older one is not. The 642 is comfortable for pocket carry while the 49 is a noticeably heavier chunk of iron.
So you define "better". The 49 sits at home, the 642 goes with me.
Regarding autos - I used to carry a S&W 5649 DAO all-stainless steel double-stack 9mm as a duty weapon. It was OK in a service holster on a full-size 2 1/2" duty belt, balanced as it was with the ammo pouches, handcuffs, and radio on the same belt.
However, these days (as civilian) I'd sure rather be carrying something like the M&P or Shield. There's probably a reason that police departments switched over to the newer, lighter-weight guns. And don't claim cost - I know of several departments that traded in those S&W 5946s and now carry Sigs.
So yes, in some cases the newer, slimmer, lighter models ARE better than the old ones.
That being said, I have a fondness for 70s-era S&W revolvers and would prefer to carry a Model 66 4" over everything else, if I could figure out a way to conceal it well.
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