Rob, my take is that they are about the same when comparing the best wadcutter 38 Specials to the best 22LRs in the best handguns, out to 50 yds that is. After 50 yds the WCs are about done and will start to spread while the 22s will reach out somewhat farther with good accuracy, as much as 100 yds and even more.
Either one will provide more accuracy than 99.9% of shooters can take advantage of.
The heavy Keith-style SWCs will easily reach 100 yds and even much farther with good accuracy but perhaps not as good as a good 22LR IMO, at least out to 150-200 yds where the SWC really takes over.
Here's a controversial opinion and I offer it as only my opinion but based upon experience. I've never personally seen a revolver, any revolver, that would outshoot a semiauto of the same caliber and quality. IOW I've ALWAYS been able to outshoot any K-22 with any M41 or High Standard or Woodsman, same with the K-38 vs the M52 or even the abortive Colt Mid-Range Gold Cup. The typical non-fire-lapped revolver is simply not as accurate as the typical target semiauto, at least not in my experience.
For reference, I've had close to a dozen each K-22s and Woodsmen, about 1/2 dozen High Standard target models, 2-3 each M52s and Mid-Range Gold Cups. Also 6-8 M29s and a few dozen Colt SAs and another dozen or so 45 Gold Cups & other accurized 1911s. Owning these doesn't mean I'm right but shooting them for ~40K-50K rounds means I have formed an opinion. Have killed a number of whitetails with 22LR handguns using head shots at under 30 yds (but no farther with a 22).
I highly recommend Keith's Sixguns and McGivern's Fast and Fancy Revolver Shooting for more detailed info on what's possible with a good handgun. These 2 books, although somewhat dated now, are still the best on the subject and will give you at least 95% of the knowledge needed for good handgun performance.
Here's the other (grin) 95%(VBG!): FRONT SIGHT, TRIGGER SQUEEZE!
Regards, Joe
