I 've owned a 1911 since the age of 9(im in my 40's) and have had 3.5" springfield armories, 4.25 " colt commanders and scads(7) of Gov't 5" and you DO notice a difference in the ballastics even between the 4.25 and 5" if you shoot enough inanamate objects. there are things a commander will heavily dent and the Gov't will put a hole in. The 3.5 inchers have the velocity of a adult BB gun and you can see the bullet fly under the lights of an indoor range and with some loads not penetrate far enough(they have hell getting though a heavy leather biker jacket,shirt, undershirt, and then though skin/fat/muscle/ribs to enter a vital organ area of the thorax), and forget expansion to any great degree at around 600fps......hell it takes 175fps just to get though your skin . the short barrel pistols may be more easily carried under lighter clothing....but when it hits the fan the 5" is king in this caliber.
Big heavy bullets are wonderful but only above a certain threashold and to me thats 700fps min.
otherwise it might as well be a chunk of gravel from a passing truck....and have the penetration of the same