The Python uses the old Colt system and yes, they are prone to timing problems, although the effect of those problems is vastly overrated.
Due to the design, few Colt revolvers will lock up if cocked slowly, and some "experts" say they must do so. In fact, they will lock up when the trigger is pulled and primer strikes will be centered, the only thing that really counts.
But with the Python, Colt took extra care. Final fitting was assigned to old timers who knew how to make that antique lockwork dance a jig. The result was as good as you can get with the design.
Strength is more than adequate for the cartridge. Sometimes people who are used to cast Ruger frames think neither S&W nor Colt frames are strong enough. Not true; Ruger has to make their frames thick to compensate for the inherent weakness of cast steel; forged frames can be much slimmer.
Is the Python rugged enough for hard use? Sure. Colts with the same action were the police standard for decades; carried in every climate and every kind of weather, they never failed. (Whether one wants to carry a potential collectors item in the wilderness is another question.)
BTW, Blues Bear, Colt did themselves in long before the change to the Mk III action. When they got into the military rifle game, and got government contracts, they totally lost interest in both civilian and police business. Their customer service went down the tubes, police armorer training on revolvers took a back seat to pushing the AR-15, and they generally didn't give a d*** about anything but big government contracts. I won't get into M16 failures, the AA2000 fiasco, and other disastrous and costly business decisions, not to mention musical chairs ownership and management.
Jim