both the .44 Mag and .45 Colt are fine rounds. I own both and it would be hard to choose between the two but if I had to, I would go with the .45 Colt. why? because the .45 Colt is more versatile and with the right revolver and the right handloads it will leave the .44 Mag in the dust.
the Revolver i'm talking about is the 5 shot Ruger super Blackhawks or the Freedom arms model 83. both of which are capable of handling 60,000 psi loads. what's a 60,000 psi load? how about a 275 grain FP at 1,594 FPS, a 350 grain LCMN at 1,560 FPS and a 405 grain WFN at 1,304 FPS. big medicine for sure.
of course you don't really need this much power unless you're hunting cape buffalo or perhaps if you're in big bear country. and it is
very dangerous and deadly if shot in a handgun that isn't strong enough to handle it such as the Colt SAA and clones which are rated for 15,000 psi loads, the Ruger New Vaqueros, mid-size Ruger flattops and S&W N-frames which are rated for 23,000 psi loads or the Ruger Blackhawks, Redhawks and Freedom Arms model 97 which are rated for 30,000 psi loads.
while i'll probably never hunt cape buffalo and have only seen bears at the zoo I happen to like having all this power at my disposal. and just because I can use it doesn't mean I have to. if I wanted to use lighter loads that can also be used in a lever gun I can load it down. I can just as easily load it up if I need more power.
my .45 is one of the new 5 shot Super Blackhawk, Bisley's in 454 Casull. it's never seen a Casull round and probably never will. it's main load which can be seen on the right in the second picture is a .45 Colt with 350 grain RFN gas check at a mild 1,250 FPS. this load will handle anything that walks or crawls in the US.
suggested reading.
http://www.customsixguns.com/writings/dissolving_the_myth.htmhttp://www.singleactions.com/FiveShot45Colts.html