Wow! Lot's of responces and a good drift on the defensive reloading. I'm glad i asked this question. Thank you all for your thoughts!
CJS3 asked if there was an emotional attachment to this particular firearm. I gotta say yes. It's the very first handgun I bought and it belonged to a former police officer who worked in Hamtramck, MI. which is the neighboring town of where I grew up. What makes this even more amazing is that this gun found its way to me all the way down here in Florida. Now if that isn't a sign to buy it, I don't know what is.
As to why I want to carry it besides what I listed at the beginning, It's light, It packs very well, and I can't stand the thought of a gun in my collection not being used for something. If the gun wasn't an old cop gun from the town next-soor, I'd've sold it a long time ago and not even gotten into buying different guns.
And you're right about the ammo being expensive. I've paid $32.00 for lead ball bullets! That's way too expensive for plinking, but If I use that for training, and then reload it with hollowpoints, then it becomes "properly priced" in my mind. (My wife has a P3AT that she hasn't shot in six months because she can't find ammo for it. At least I can find some for this gun.)
So yes, there are som fantastic handguns out there for great prices, but then this Colt ends up languishing in a musty old box. Hardly a dignified use for it.