Are 5 screws superior to the current production of S&W revolvers?
It all depends on what you're looking for in that S&W revolver. On one hand, the required skill in workmanship and degree of hand fitting made the older 5 screw a more difficult gun to produce. Yes, the quality was there, but this does not make the newer guns worse.
Consider this: The DA S&W revolver as we know it has been evolving since it first saw the light of day. S&W has taken advantage of re-engineering their revolvers to make it less labor intensive and simultaneoulsy, reduce production costs. This includes elimination of the screw for the cylinder stop spring and the screw that secures the top of the sideplate (leaving us with three screws). They also simplified the sear from the long, teardrop configuration to a simpler (MIM/stamped/casted?) part. This meant a reduction in filing, honing and stoning - less man hours. While we lament the modernization of the design and the discarding of old world techniques, would we be willing to pay the extra money if S&W hadn't modernized?
Also consider that metallurgy has advanced tremendously since S&W made the first DA/SA revolver. S&W's metallurgists can examine a revolver and tell you how many rounds have been shot through it. So can any other gun maker's metallurgist. Guns of today are made with superior steels and alloys than were available in Teddy Roosevelt's time.
In some respects the newer guns are very much superior to the older 5 screws. However, the older 5 screws still have a claim near and dear to us. It represents a simplier time and a physical link to our past. It inspires us to work up to the standards those gunbuilders of the past. It set a yardstick by which other S&W may be measured.
In closing, it all depends on what you're looking for in a particular gun. Would I buy a new S&W over an older one? Depends and right now, I can't stuff anything into the safe from fear of something dropping out when I open the door.
My criteria would be whether I want a new gun for a newer, hotter load - something that couldn't be done with an older gun without fear of ruining it, or whether I want a collector's piece, an item of nostalgia, or just a plinker for mild loads. Both old and new have their place among us. Respect them both. Peace.