Test Results: All 4 pellets penetrated into the 4th jug. Two of the pellets impacted the end of the 4th jug hard enough to make large indents on the 5th jug, but they did not break the 5th jug. This means that 2 pellets had between 18" and 24" of water penetration and two pellets would have had slightly more than 24" of penetration had they not been stopped by the jug.
Recoil was slightly greater than a 45 colt round, but not enough to make getting off two shots difficult.
Observation of recovered pellets: All 4 pellets were at the bottom of the 4th jug, gathered toward the far end, indicating that the two pellets that didn't impact the far side of the 4th jug at least made it close to the far end.
It is quite clear in what order the pellets were loaded into the shell as one pellet is seriously flattened and the others get progressively less flat.
The path through the jugs appeared to be straight except for one pellet that seems to have corkscrewed a bit as it's path through the jug is slightly curved it seems. I'm not sure.
Personal Conclusion: This ammunition, from my derringer, appears to meet the 12" of penetration that many people desire. It offers a reasonable, but not excessive, spread at distances up to 5 yards. This is NOT a long range weapon, nor is it intended to be. At 5 yards it is easy to keep all 4 pellets on a pizza box sized target but beyond that you will probably have one or more pellets miss.