Reading this is sort of amusing. Colt makes no revolvers besides the SAA. Haven't for over a decade. S&W? Always the "older ones". Oddly, we heard the same thing in the 1970's, as well. Apparently, any S&W made after 1950 isn't as good as the "old ones", either.
Most of us, despite all the chest-thumping, have never held a truly good revolver, like a Korth. Compared to one of those, these Smiths and Colts were made using chisels, saws, and coarse files.
Competition guns are a world of difference from Duty guns, and should be. Sure, comparing a gun that cost 10% new of that other gun will reveal much better fitting, and finish. However, most of us just look at them, or use them to punch holes in paper. Back when these guns were made, they were successfully used to hunt, and against criminals. They were all that cash-strapped people could afford.
I can afford better quality guns today than when I was growing up. Besides that, I can afford to buy food, and my chances of a confrontation have lessened markedly. Today, those small groups on paper count for something. What, I'm not sure, but I like them.
Buy what you can afford, and use it to get better. Remember the first rule of shooting is always, have a gun. Not wishing that you could save enough for the best one.