Vented Ribs

The vented rib was used on some early King target conversion pistols. Popular belief at the time had it that it would disipate heat mirage from the barrel.
It was popularized by the Colt Python. The prototype shop gun was too heavy, so they cut vent slots to lighten it. The lugged, vented barrel was so popular, that it's been used on most revolvers since.

Since it's an appearance feature, there isn't any real downside. Upside, it's easy to attach a accessory mount to the barrel, without drilling and tapping.
 
Upside = looks cool

Downside = Python, small front sight (heightwise), not much to hold up over the rear sight for really long range shooting. Seems to be fine out to a couple of hundred yards though.
 
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