I beg to disagree:
I have one, & I am selling it - but only to help get the $$ together for a Kimber Custom. You may note I authored a post on my new Kimber Ultra CDP range report. I don't need 2 carry .45's, so the 4516 is going to be sold.
(This isn't a solicitation for a sale though. A close friend, who used to own one but had to sell when he fell on some financial hard times a while back has expressed interest. I loaned it to him for a few weeks to be sure he wants it. If he decides no, I had it appraised by my dealer & I'll be trading it in.)
It has never, and I mean never failed to function 100% with factory ammo in about 750 rounds. Probably 250 of those were Federal Hydra-Shok loads. I had no fear of using it for concealed carry and it is bone stock - I bought it new.
The first run was the 4516. I understood that there were some issues with that particular gun. I believe it used a frame similar to a hi-cap 9mm, where the width of the frame is stepped down to a more narrow measurement in front of the mag well. The 4516-1, which is what I own, eliminated that step - even the mags are different than the original 4516. Later on, S&W made some cosmetic changes by adding a blackened trigger (maybe the safety levers & hammer too?) and called that the 4516-2.
I carried it in either a Galco SSII, a Broomland IWB, or a Galco paddle. Now, it is heavy when comapred to my CDP - but it is 100% SS. I mounted a set of Hogue grips on it to add a little cushioning, but the stock grips were OK for me.
If it is a 4516-1 or -2, it fits his hand and the price is right, I would say go for it based on my own personal experiance with mine.