As dragracerart mentioned, .45 +P can exceed 40 S&W energy, if you are into that sort of thing. If you want to get radical, 45 Super can approach low-end .44 Magnum.
To me the advantages of .45 ACP are:
1. Easy and inexpensive to reload. Lots of proven loads to duplicate any carry load. Lots of specialty loads for any purpose. The components are big and easy to handle. Brass life with standard loads is long. Cast lead bullets can be used to duplicate factory loads for practice, which cuts cost dramatically compared to the jacketed bullets required for .357SIG and the lighter, faster .40 S&W loads.
2. Low cost factory loads available which duplicate the POA/POI of the most proven self-defense loads. 230 gr. Ball duplicates the 230gr. Hydra-shok, Golden Saber, etc.
3. Lower flash and blast with standard loads, especially compared to the 357SIG.
4. The standards for self defense loads for handguns are the 125gr. .357 Magnum JHP and the 230gr. .45ACP JHP. Everything else is touted as “almost as good”, “just as good”, etc. Until the .357 SIG is proven, I chose not to be one of the experimenters.
5. While the better JHPs enhance it’s effectiveness, THE 45 STARTS OUT BIG. If the hollow point plugs up on fiber or intervening material, you still have a sizable slug. Also, there are no stories of .45 hollow points blowing up on hard intervening material.
Longer-range (20 – 75 yard) shots do not have a drop problem with the proper zero. Sighted in for 50 yards the POI will be about 1 ½ inches high at 25 yard and about 3-4 inches low at 75 yards. The first convergence of POA/POI with this zero is about 8 yards.
The .357 SIG with full metal jacket bullets probably has a significant advantage in penetration of hard cover, if that is important to you.
In the same gun you may be able to carry one or two more .40 S&W or .357 SIG cartridges, but so what? I'm with SGB, I want BIG bullets in a proven combination.
In the real world, I don't think it matters that much which you choose.[:P]