Revolvers are fun, and mechanically they are very accurate full size guns.

However, a 1911 is a much more pleasant shooting and generally cheaper to feed, range toy. They are also incredibly accurate. A smooth as butter 6 or 7lb worked over revolver trigger pull feels wonderful, but a 4.5lb break like a glass rod almost zero pre-travel trigger on a 1911 is one of the best triggers you can find for accuracy.

To me, the major advantage of a revolver is that they make you much better at shooting other guns because you have less ammo and a more difficult to master trigger. Another nice thing about them is that you can load up some bunny fart rounds and still have the gun work, instead of having to move the mass of a slide.

There are pros and cons, but the revolver is pretty hard to beat.

Both the .45 ACP and .38 Special are cheap to shoot.  Let's look at costs (same websites, .38 special and .45 ACP):

Once Fired Brass:

.38 Special = $50 per 500, .  

.45 ACP = $45 per 500

Brass cost for both are very similar.  The .45 ACP brass is a bit cheaper, but you'll lose more of them, so it's a wash In either case, unless you are over working the brass or shooting really hot loads, you can expect about 10 reloads from each for a total cost of about $.01 per round.  

Cast Bullets:

.38 special, 158 gr LSWC $56 per 500
.38 special 125 gr LSWC $52 per 500

.45 ACP 200 gr SWC = $67 per 500
.45 ACP 230 gr RN = $75 per 500

Powder:

.38 special - Typical load 3.4 gr Red Dot, 2058 loads per pound, $.012 per round at $25.00 per pound, $6.07 for 500 rounds

.45 ACP  - Typical load 4.5 gr Red Dot, 1555 loads per pound,  $.016 per round at $25.00 per pound, $8.04 for 500 rounds

Primer:

.38 Special or .45 ACP, $30.00 per 1000, $.03 per round, $15.00 per 500 rounds

Total cost of consumables:

.38 special, 125 gr LSWC = $78.07 per 500, $7.81 per box of 50
.45 ACP 200 gr LSWC = $95.40 per 500, $9.54 per box of 50

Now…you can find cheaper bullets and cheaper brass if you shop around, but the ratios will be pretty similar as the component prices tend to reflect the weights and prices of the metals involved, and the .45 ACP tends to eat more powder than the .38 special.

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And as noted above, the .38 Special has a lot more flexibility in loads and bullet shapes as feeding and cycling are not issues.  That's especially true if your ".38 Special" is a .357 Magnum, as the brass is then the limiting factor not the revolver, and you can readily load anywhere from very mild loads to 20,000 psi +P loads that will deliver about 2/3rds of the performance of a .357 Magnum, but in less expensive and more readily available .38 Special case.  And in my experience, loads heavier than .38 Special +P loads start to be come less fun to shoot over a high round count range session.

With the 45 ACP you have to worry about having enough recoil to reliably cycle the slide, while preventing the slide from being battered, and you have to pay much closer attention to OAL and point shape, making the load options are much more limited with the .45 ACP.

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On the other hand, while I have shot .357 Magnum loads that are not much fun, I've never encountered a .45 ACP load that is painful to shoot.  They are all fun and the recoil is much more of a low velocity push than the sharp snap of a hot .357 load.

Still overall, this is my favorite range toy:



 

I've got 1911s, all kinds of other pistols, and the hands-down BEST trigger I've got is on my Diamondback.

Make it a revolver for me too.  

I was gonna say the 14 like someone said earlier.  Basically meant for target shooting. Looks good too.  I think.  

Almost any quality DA revolver with a hammer has a single action trigger that has no rival in the Semi Auto pistol world.  I'm sure there are some that can be really good with work, but just a standard single action pull on a revolver is light and crisp, typically, without any tweaking needed.  

And then if you want to be bold, you can learn to shoot DA and find that it is a heck of a lot of fun and rewarding.  And will just make you a better shooter with anything else you pick up.  At least that's how I see it.

Its a range toy, so what you enjoy shooting is what is the most important point.

As far as accuracy goes, the most bang for the buck at the beginning of the curve will be a revolver.

Lots of bucks, and a 1911 can be both accurate and fun.

I am 51% in favor of a revolver, and 49% in favor of a 1911 type pistol for a range toy.

For other uses, it is a bit more clear cut.  At least for me.  1911 is better for SD, a revolver is better for hunting.  There is some overlap in both cases, however.

Get both.

Me too.  But I am biased.

I vote for 1911.  I have an inexpensive Rock Island 1911 whose trigger is pretty good.  This is the grouping I had last week (15 feet).

A 6inch S&W Model 14 with some good wadcutters will put a big smile on your face.