Here's my take on the pistol caliber lever actions, based on quite a few years shooting them in the cowboy action game:
Uberti 1873:
The good: The smoothest action by far, and also the most reliable at feeding if your ammo is within the right OAL range. With a little polishing, the 1873 lever can be operated with just a few fingertips, which is how the best cowboy shooters do it. The 1873 is the single most popular rifle in the cowboy action game, despite its high price, because it is the fastest and most reliable. They can be run faster than a lot of semi-autos. A decent cowboy shooter with a slicked-up '73 can run off ten aimed shots in about 3-4 seconds (the best get it down to 2 seconds), and will have 3-4 spent cases flying through the air at any given time. A good part of the reliability and smoothness of these rifles is the action design. Cartridges are lifted from the mag tube by a brass elevator that keeps them horizontal, and then they are pushed into the chamber by the bolt. In the Marlins and later Winchesters (92 and 94), the cartridge feeds at an angle and has to make a turn into the chamber.
The bad: It's expensive ($850-1100 depending on model and where you buy it). It's heavy (but that also helps keep recoil to a minimum). The toggle link action is not particularly strong (it can't handle the pressure of a .44 Magnum, for example, which the Marlin and Winchester 92 and 94 can).
Marlin 1894:
The good: The Marlin 1894 is the 2nd most popular rifle in cowboy shooting. It's not quite as smooth as the 1873, but with some slicking up can be almost as fast and reliable in expert hands. It is a much stronger action than the 1873. It is still somewhat more likely than the 1873 to jam or throw out a live round when being worked very quickly, but that won't impact you if you're not trying to win action matches with it. It can be easily single loaded through the ejection port (the 1873 cannot). it is much easier to scope, if you want optics. It is considerably cheaper than the 1873 Uberti.
The bad: As I mentioned, it isn't quite as slick and reliable as the 1873. That's about it. The lower price and greater strength mean that it's the better choice for many people.
Winchester 1892 replicas:
The good: The 1892 was Winchester's replacement for the 1873. It is a John Browning design and is much lighter than the 1873, meaning it is quicker handling and easier to carry. The action is also much stronger, so it can handle high pressure loads like the modern .44 magnum.
The bad: Like the 1873, it ejects from the top, so optics can be difficult to mount. It's been out of production by the original Winchester for a LONG time. Replicas have been made by Rossi, LSI and Browning over the years, and some are quite poor quality. The best replicas have been the Browning models (actually built by Miroku in Japan). They are typically quite clunky out of the box, and jam-o-matics are not uncommon. The 1892 typically needs the services of a GOOD gunsmith before it will run smoothly and reliably. Without proper tuning and the correct cartridge OAL, they are prone to "stovepipe" when you work the lever too fast. Even with proper tuning and ammo, it will never be as smooth and reliable as an 1873. If you are going to get an 1892, I recommend getting one from Steve Young, the "92 Specialist", who knows them better than anyone.
