Due to the barrel shape and adjustable sights, the S&W is a little more bulky and heavy and harder to conceal then the lighter, more streamlined Colt Lawman.
If I had to choose and had to actually carry one of them, I'd choose the S&W for the stainless construction, adjustable sights that offer a better sight picture, and far more availability of grips and holsters, spare parts, and ease of getting repairs if needed.
Not sure what the precedent for such a flowery name is but you have to admit it sounds cool. I always carry 2 guns (New York Reload)" and this is my BUG. I like it a lot, can't speak to how it compairs to the law man. But I would recommend it for a carry gun. 7 rounds in the cylinder over the standard 6 might not sound like a lot but meaningful if you ever needed it to be there. The performance center issued an 8 rd variant, and I want one. Mine is on the left, the 8rd performance center on the right
My B-I-L bought his first handgun and chose a new 7 shot 686 with a three inch barrel. He loves it. When he told me what he picked I was impressed, thinking he's but a Taurus or Rossi. I like older stuff without that lock but this is a fine piece. I've never shot his, though, which is pictured here. BTW, his dadshoots an original Schofield and Spencer.