The old Colt Match revolvers were favored by a lot of champs.
This is because the famous Colt "Bank Vault" lockup gave more consistent accuracy.
For the same reason, the Colt Python has always been, on average, the most accurate modern double action revolver.
The older Colt action locks the cylinder tightly in PERFECT alignment with the bore, so the bullet makes a perfect entrance into the barrel.
This means the bullet isn't distorted and accuracy is better.
The S&W works in the same way as all more modern revolvers.
In these, the cylinder is allowed to be slightly loose at the moment of ignition, and this allows the bullet to align the cylinder with the bore.
This means that the bullet never enters the bore perfectly and always gets slightly deformed, degrading accuracy.
The old Colt action had to be in absolutely perfect adjustment just to work properly, and this made the guns more expensive to make, since the guns had to be hand fitted.
The S&W and all modern revolvers require less hand fitting, but accuracy isn't what it could be.
For these reasons, the AVERAGE Colt revolver would out shoot the AVERAGE S&W.
The old time target shooters must have agreed, since most period photos from the 20's and 30's show teams and top shooters armed with Colt's.