There has been quite a lot of talk surrounding this with the Smith and Wesson revolvers: Pre-lock vs Lock models. A model 29-2 is a classic and undoubtedly well made, but I managed to shoot one loose way back when I loaded my own range rounds and didn't know any better. The model 29-10 is actually much stronger, from what I understand, but considered to be just another mass-produced handgun. Same thing with the Colt Python. The old ones were hand-assembled and fit, but had fragile lockwork. The newer ones are not as smooth, but more sturdy.
I feel that modern manufacturing methods and materials create a better performing product, but the classics are much more artistic. A computer can reproduce the Mona Lisa, but not surpass it!