I had a very similar question recently between the Federal 124gr HST and the 147gr HST out of a Glock 26 and a PM9. I wanted a round that was a soft shooter so anyone in my family could control it, and the newer generation of bullets seem to need the velocity boost of +P less now. Anyway, went with standard pressure for my tests. No chrono data, just subjective "feel" and observation.
I had a friend load a random mix of 124gr and 147gr on my mags, and I could not tell any difference in recoil, blast, barrel rise, or shot-to-shot split times. My friend was watching, and he could not see any difference either. Again - no measurements were taken, just seat-of-the-pants observation.
I did notice the 147gr had a slightly longer OAL, and I wondered if this might potentially cause feeding issues, perhaps if gun got dirty. Didn't experience any feeding issues, and probably fired 200 rounds without cleaning in this little test.
The following link is to ATK's test data for the HST (early data - no +P rounds available).
http://le.atk.com/pdf/PierceCountyWorkshop.pdf
You'll notice penetration depth was uniformly good through all barriers, with the 147gr going a little deeper, but not by much. In most cases, both weights went around 12" to 13".
Expansion was equally pretty good, with the 124gr edging out the 147gr, but again not by much.
I ended up going with the 124gr, figuring if the rounds performed as advertised, either would be good, while if the rounds failed to perform, expansion would suffer, while penetration would increase. As they all penetrate adequately now, extra penetration wasn't a goal, but loosing expansion might be an issue, and I figured the faster 124gr might hold expansion a little better than the 147gr.
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