My 2 cents: I am a S&W guy. Love 'em. There's a M36 sitting in my desk drawer as I type this. Having said that, I bought a M206 from Bud's Gun Shop a few years ago, I think it might've been when they first came out. It was a good gun that shot well, especially after I stoned the trigger and hammer and polished up the internals a bit (completely unnecessary, but it was January and I was bored!). I managed to find a pair of Colt D frame grips and modded them to fit, added a T-grip, and put it in a Colt D frame holster. The stock wooden grips were ok, but the plastic ones they include positively sucked, hence the modifications. I only sold the gun to fund another purchase (1897 Winchester), but I've been seriously contemplating getting another one to "play" with and work on like I did the first one. Plus, RIA customer service is very, very good. Nice people, and they're pretty speedy about correcting any issues, according to some others I've spoken with.
As far as the Charter Arms gun goes, I've never owned one. They're probably a good gun as well, but I really can't say anything about them other than I've handled them in gun shops and etc, and they seemed to be just fine as far as overall construction was concerned. Perhaps you could go to a shop with a range that would allow you to shoot both of them and you can draw your own conclusions?
So, what should you do? Personally I'd go with the M206 as I have experience with it. Others have recommended the CA, and I'm sure its just as good. Still others say save up and buy a "better" gun. But for your use, is a Ruger or Smith "better"? Don't all the aforementioned revolvers go "bang" when you pull the trigger? For a range toy, I'd want to go as cheap as I could, so I had more money to buy ammo with! And for defense it's six of one, ha' dozen the other. Either will do that job equally well. My advice: Buy what makes ya happy!
Mac