I asked the same questions since I have both a 480 and a 454 in RB. I paid about $480 NIB out the door for my 480 Ruger from a dealer/friend. One year later I purchased the 454--same gun, same dealer for about $680. I have been told by reliable sources that they are identically the same gun except for caliber. The difference in cost to the dealer is about $160 more for the 454. Why the difference in price?? Marketing! 454 is a better seller and probably will continue to be so both for Ruger and Taurus. 480 is a slow mover--probably the jobbers and the factory have too many on the shelf. What this all means is that the Taurus RB /480 is a great bargain right now that may go away and never be that affordable again.