Not claiming to be an expert of the 45 ACP at all. I am new to the round, but I will tell you MY THINKING and what I chose.
I wanted a round that was affordable so I could practice...as others have said, it doesn't matter how good the bullet is if you miss. So, I looked at "bulk" bullets for reloading to choose from. There are some "FMJ" bullets that are fairly cheap, but I also wanted to look at lead since we are talking about less than 900 fps here...and leading shouldn't be a problem.
I also wanted a fairly heavy bullet given we are going to be relatively low velocity (compared to other defensive rounds like the 357 Mag) in order to maximize the efficiency of the round in general (for the dollar, as I am sure there are some JHP designs out there that may offer some improvements overy my final selection, but they would be expensive enough that I doubt I would practice with them a great deal...and I want to shoot this gun a LOT so it becomes second nature).
I also wanted a flat point or hollow point bullet with the RELIABLE FEEDING of the round nose (again, it doesn't matter how good a bullet is if it doesn't feed reliably)....but I didn't want a "round nose" bullet...so I looked for something that offered a design suggestive of reliable feeding.
I also considered that I wanted the front to be flat for performance/shock and also to reduce chances of "glancing off bone"...as I would rather it go through the bones even if it stops shortly there after.
For this reason, I chose to try the 225 gr 45 ACP truncated cone (PM45-225 45TCBB) bullets by
http://www.proshootpro.com. This bullet has a flat meplat that isn't big, but it is decent sized...and yet it has enough "taper" to the design that it appeared that it would reliably feed at least as good as a round nose design.
I tried them and they fed VERY RELIABLE. I am one of those people that has problems with "autos" getting jammed for some reason for whatever reason...and this bullet has never jammed on me. My first loads were with "universal" powder. Accuracy with this bullet and with the Universal powder was less than I desired. Not bad, but not good...about 3-4" at 25 yards. I tried W231 and accuracy greatly improved. Even with used "discount" brass these bullets shoot less than 2" at 25 yards for me...at 10 yards they cut one ragged hole. Loaded over 5.5 gr of 231 the muzzle blast is reasonable (if I had to shoot in a "situation" I wouldn't end up deaf) and muzzle flash in low light is also reasonable...and being a 45 they would push a 0.45" hole through the target as long as it RELIABLY reliably goes bang and as long as I can practice enough to hit what I am shooting at. This bullet feeds very reliably, and I even did those ridiculous "move scenes" with unorthadox shooting as if I was hiding behind a barrier and shooting in a strange position shooting offhand (with my left even though I am a right handed shooter) and also shooting with the gun held in tilted as if I was holding up over a blind (not that I would do that in real life but I wanted to test the bullet's reliability)...and they reliably fed and went "bang" every time. No jams and brass cleared no matter how I held the gun. I don't know the velocity, but I will let you know if you are interested, as I do have a chrono. I just ordered several thousands more of these rounds because even though there may be others "better" in some areas, I feel this bullet offers a good balance of the features I desire from the 45 defensive round.