The underlug is the part under the barrel that looks like a "second barrel" that runs the entire length of the barrel, which is essentially nothing but added metal underneath the barrel to increase weight.
I don't have picture posting capability, but if you do an image search on Google, almost all S&W 686 revolvers have an underlug, while certain other revolvers like the S&W Model 28 Highway Patrolman usually do not.
The underlug, while it adds weight to the revolver, typically is seen as a good feature in that it reduces felt recoil and makes the gun generally more pleasant to shoot. I wouldn't say that extra weight neccessarily makes a gun stronger or more able to handle hot loads, though if felt recoil is reduced, then I can believe that there may be a beneficial effect on the gun's overall longevity.