I had one several years ago, and really liked it.
I never fired a .454 round through it, but did put some monster .45 Colt rounds down range, and it never missed a beat.
Only had three issues...
It was very stiff out of the box. I followed Steve Young's instructions for slicking it up and it made a world of difference.
I never did like the tubular magazine reloading. .45 colts would load from the side gate, and loading like a .22 was really fast, but the purist in me hated the look. Ditto the bolt safety, which I removed and replaced with a modified skinner sight.
The sights came regulated for factory .454 rounds. I had to weld up the front sight to get enough adjustment to shoot lighter, slower .45 rounds. This even with the factory sights, before I mounted the peep. This won't be a problem if you're only running full house .454 loads. Replacement sights are virtually unavailable due to the metric dovetails used by Rossi.
All in all, a great little gun. If I ever find a 16" in .45 for a reasonable price, I'm going to snap it up.