The .40S&W has several advantages, but one (to me, at least) glaring disadvantage;
Advantages:
1.) Ballistic superiority to the 9mm round in almost all loadings. (I don't know if that means anything in "real world" performance, but there it is.) As Shawn Dodson has shown on his website, some .40S&W loadings perform better in ballistic gelatin than .45ACP rounds, too.
2.) Ability to be chambered in guns whose size is the same as guns chambering the 9mm round. Obviously, the concept of "size efficiency" (ala Mark Moritz) is important for CCW.
Disadvantages:
1.) The .40S&W chambering, in guns of a form & size originally designed around the 9mm cartridge, is proving to beat the guns up more, and earlier, than expected. This has required repeated & ongoing design changes in the guns themselves (witness changes in the Glock .40s over the past decade), except in the case of those few pistols designed around the .40S&W from the ground up, eg, the.40S&W H&K USP series guns. (This issue will obviously be sorted out eventually, as design changes are incorporated into the various smaller .40S&W guns.)
2.) Most important to me, the .40S&W round, in ALL current loadings, is considerably less-precise than either the 9mm or .45ACP rounds. (I don't have any experience with .357Sig, though it's reputedly highly-accurate.) Obviously, the 9mm & .45ACP rounds have had nearly a century of development, so it's not surprising that both should be currently-available in a high state of evolution, while the "newcomer" .40S&W isn't yet up to par in accuracy/precision.
Nonetheless, for me, this is important. I can make one hole groups all day with my 9mm and .45ACP guns, but simply find it can't be done with the .40S&W; there's too much inherent variability in point-of-impact.
There's no question but that it's "combat-accurate", but, if the chips ever go down, I want to feel confident that I can place my shots on a dime-sized spot, not just in the "center of mass". (I know, I know, under extreme life-threatening stress no one will shoot as well as he would under artificial circumstances, but I want every possible factor working for me that I can get, including intrinsic accuracy & precision of the gun-cartridge combination I carry, and the confidence such known accuracy-precision inspires.)
Just my $.03. Many folks like the .40S&W for its several advantageous aspects, and have no problem with the accuracy-precision issue; more power to 'em. Best.
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"Potius sero quam nunquam."