Given identical guns (lets say 357 Mag. in this case) firing identical rounds with the only difference being barrel length (two inches versus four inches), what differences could one expect?
Recoil will be much more pronounced in a 2.5" : .357. Trust me. In general, the 4" revolver will be easier to shoot accurately for a beginner or infrequent shooter. Snubbies can be very accurate in the right hands. Others can fill you in on the technical stuff about velocities, etc.
Accuracy is less a function of barrel length than it is the distance between the sights. David is right about a 4" being easier to shoot accurately.
Recoil as well as muzzle flash will be greater with a shorter barrel. You will also lose some velocity with a shorter barrel, but probably not enough to worry about for social purposes.
The main advantage with a short barrel is concealability. Many snubbies are small frame 5 rd guns and work very well for carry use.
For general purposes, you can't beat a 4" for useability. For target/plinking use where concealability is not an issue, a 6" is even better.
The four inch barrel provides:
1) Greater accuracy, due to sight radius, which has already been mentioned.
2) Significantly reduced recoil and muzzle flash, again already mentioned.
3) Increased velocity, and therefore energy, approximating 100 FPS.