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the barrel and forearm are much better on the Colt (I do not like the cheap looking barrel on the SW and I am not a fan of all the rails on the SW forearm), the Colt has a forward assist (functional or not, it just looks right).
The barrel on the colt is a steel sleeve pressed into the M4 profile outer barrel. It seems to work fine and is supposed to be accurate. My only concern would be: will the two different metals contract at different rates on one of those frosty below zero January squirrel hunts.? If so will it affect accuracy? I don't know
The barrel in the S&W is a match grade barrel built by Thompson/Center.
As far as the forward assist goes, S&W probably left it off on purpose. Slamming the rim of a rimfire cartridge to attempt to force it into the chamber would not be very smart. I know its non-functional on the Colt but I can see some bubba going:"Here, hold my beer. I'll fix it so its like the real thing".