686+ 2 1/2" vs 3" barrel

You don't say how you plan to carry. In a pocket, the shorter barrel obviously has advantages. I find in an IWB type carry with a revolver that longer barrels are better, less tendency to roll out of the belt at the cylinder. My current revolver carry is a five inch N Frame (see handle).
 
In that case probably very little difference. The 2.5 would clear the holster faster but by such a small amount as to be negligible. UNLESS you find that the holster rides high enough that the half inch makes a difference in your comfort in drawing (I have seen that).
 
The 3" allows for full-length extraction of .357, though this isn't much of an issue with .38s. While a subject of much discussion(or cussin'), porting can be added to the longer barrel and still allow nearly 2.5" for the projectile to build-up steam. The longer sight radius may arguably help some, but I think the slight extra weight is inconsequential.

Oh, there is that special something about 3" barreled wheelguns that's just not there with the 2.5".:D
 
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