Okay, let me weigh in on this one - I have handled all of the above models, and - full disclosure - I am partial to S&W. The Colt M1877 is a strange beast. It's over-engineered to the max. At a time when simple and reliable double action mechanisms were already on the market in Europe, Colt (for some unknown reason) insisted on re-inventing the wheel. The result was the M1877. It must have been quite successful though, as they manufactured it for 32 years. It's got the nickname "gunsmith's favorite" for a reason, and anyone who ever had to work on one will know why. Unnecessarily complicated! The M1878 was a huge improvement, heavier construction, simplified mechanics, more reliable. Then, for whatever reason, Colt went backwards and came out with the M1889. It's a poor design, and the company realized this pretty soon. The biggest problem with this one is the fact that the only thing which keeps the cylinder aligned with the barrel is the claw-shaped hand. Not very reliable. Colt soon realized that the gun ought to have a positive, locking cylinder lug, and they began milling a slot into the bottom of the frame almost immediately after the M1889 came to market to accommodate such a lock. It was not until 1892 that they actually put a cylinder lock into the mechanism. The M1892 is a fine gun, and one of the first to use a crane-mounted, swing-out cylinder.
My favorite antique revolver ever is the S&W No. 3 frame. Either the "Russian" models, the "American" models or the No. 3 New Model or Double Action, in my opinion, they are the best to shoot, service, get ammo for, and so on. I have 44 American, 44 Russians, 45 Schofields, 38-44 and 32-44, and they are all fine shooters. My only criticism with the S&W's is the small size of the grips (except the American model, which is quite adequate), which can be a bit of a pain for someone with big hands. Other than that, I have no issue with the Smith & Wessons. They are very accurate, easy to load and un-load, easy to clean and service, and making ammo for them is a cinch (except 44 American).
European makes are good, too. Webleys are very well made and reliable, I'm just not a big fan of their shape. The WG is clumsy and awkward to hold, the Mk1 and 2 are okay, but the short barrel doesn't make them very good as target guns. Other makers, such as Warnant, Spirlet, Nagant, etc. made fine guns but some of them are in such odd calibers that it's almost impossible to find ammo for. The German Reichsrevolver is another good one - it takes 44 Russian ammo, is built like a tank and very reliable. The 1879 model with the long barrel actually makes for a fine target revolver. So, here you have it. It's my personal opinion, and I'm sticking with it.
Oh, by the way, as far as re-sleeving or re-barreling an antique goes, you are free to change it to any caliber except the one's listed as "exempt from antique status". Your antique will remain antique, even if it's a 357 magnum...