#1 Issue: reliability of feeding and detonation. I look at that FIRST.
So long as I have a nice meplat and the ammo always goes "bang," I feel like I'm ahead of the game. Expansion is sheer gravy.
Thus, my testing involves firing 50+ rounds through the very pistol that I intend to carry it in. Determine point of impact, adjust sights or aim point as needed.
I do look at penetration tests that others perform. I am more concerned about underpenetration than over-penetration, though. As I don't have "Ballistic Geletin," my testing begins with research on the tests that others have conducted. I then apply that data with cross-reference against my own tests for feeding, accuracy, and, on occasion, velocity. (if the tests said that it would penetrate 12" of ballistic gelatin at 850 fps, and I'm only getting 785 fps, than it's sensible to suspect that I'm not likely to get the same level of either expansion or penetration, one.).