Billy the Kid and John Wesley Hardin both packed one, and Jesse James carried a pair of Schofields in beautifully tooled criss-cross holsters. My guy carries his sometimes in a wrap around the waist buscadero rig, sometimes in a shoulder holster. Here's what I said in Widowmaker: "Finally, he reached down and slipped loose the hammer thong on the Schofield and the ivory-handled Smith and Wesson came effortlessly to his hand. He had carried it since the Carbon County War; the balance was exquisite, and, as a top-break, it was lightning to reload. The sear had been polished to provide an effortless, almost liquid, cocking of the hammer, and only a whisper was needed on the trigger to fire; the cylinder had been indexed by a master gunsmith to ensure smooth and perfect alignment with the barrel. On the Wyoming battlefields, he had carried a brace of Schofields and spare ammunition in his shirt pockets; with the reins in his teeth, he could reload with his horse at a full run. He broke the big revolver open, the barrel and cylinder swinging down to reveal five .45 caliber cartridges and one empty chamber. It closed with a snap, and he seated it back in the holster with a smooth, reflexive spin."
tradeoffs with everything, no?
The caliber designation was ".45 Smith and Wesson," and the ballistics on the big bullet were not unlike the .45 Long Colt, which meant you wanted to avoid taking a round in the chest if you possibly could.
A big purchaser of Schofields in the 1870s was Wells Fargo and Company... They cut the 7-inch barrels to 5-inches and issued them to their field agents. Other Schofield aficionados were Pat Garrett, Theodore Roosevelt, and Virgil Earp. An unproven claim is made by some that there was one in Wyatt Earp's hand at the OK Corral... (Who knows?)
For real Schofield minutia, and to learn about the disastrous Smith & Wesson contract with the Russian government, go here.