Aramis's take seems logical.
The killing power of 19thC firearms are no less than todays common weapons.
The most common OW is Colt Single Action Army Model P Peacemaker introduced in 1873. It was a six shot revolver firing a .454 dia. 255gr bullet propelled by 40gr of black powder. As pistols go that was devestasting. MV had no affect, MV is important in weapons like 5.7mm FN or 9mm Luger the high MV means a fast, high penetration round, low kill probability. Old West was pure penetrating blunt trauma with a soft lead bullet expanding as it moves to an inch in dia.
Modern bullets are jacketed for better penetration, less expansion; or hollow pointed for devastating wounds.
OW weapons were loaded one round at a time making reloads slow until modern swing out cylinder introduced in 1892 at which time pistols moved to anemic .38 cal (.357 dia.). The Colt M1911 was designed to duplicate the M1873 by using .452dia 230gr bullet with new powders. The top-break revolvers (S&W and Webley) were susceptible to malfunction as not a solid frame design.
Again on MV. The US standard cartridge was the 45-70 used in M1873 Springfield rifle. The bullet comes out so slow you can see it in flight down range. Yet it will kill with one shot any animal smaller than an elephant. The modern .30-06 can't kill much above the elk size consistently. The 45-70 is still a mainstream hunting cartridge today. MV not important with a 350-500gr bullet vs the hi velocity 30-06 173gr.
So your .45 Colt, 44WCF and 45-70 Govt. are man-killers. The downside is slow reload, dense smoke creating smoke screen outdoors with extended fire and a tear gas like fog indoors and low magazine capacity (except Winchester rifles which hold 13-17 rnds, 10 in carbines). In addition black powder fouls rifles and binds cylinders requiring cleaning even in combat.
Hmmm, this muzzle velocity talk got me thinking!!
So Muzzle Velocity has no effect - so what is it kills a target??
Tissue trauma, bone trauma, organ trauma and an enormous dose of kinetic energy.
Equation for kinetic energy - 1/2 mv2
Sorry can find superscript........so the kinetic energy of a round is 1/2 the mass of the round ,times the square of the velocity....so as velocity goes up ,the kinetic energy imparted goes up squared! Muzzle velocity has a huge impact!
This is why assault rifle rounds have become smaller recently - higher impact energy, lighter rounds mean you can carry more and also lower recoil of the weapon!
The muzzle velocity of the 1873 45-70 round is apparently 1350fps.....or 411 m/s (faster than the speed of sound - 330m/s at sea level)....my source
http://en.wikipedia.org/wiki/Springfield_Model_1873
Provides approx 2450 joules of energy on impact
The 30-06 calibre bullet depending on bullet mass :
http://en.wikipedia.org/wiki/.30-06_Springfield
3835 to over 4000 joules of energy on impact
Looks to me like the 30-06 provides more killing power! Matching the 205 grain 1873 round to a 200 grain 30-06 shows the 30-06 to be 1400 joules ahead (57%) at 3988.
I would suggest that muzzle velocity does play an important part in the lethality of a round!
As for watching rounds travelling, most rounds I fired were .38 or 9mm (handguns), with MV between 300m/s to 400m/s which I never saw in flight....admittedly our range was indoor 25m one, so not much chance!
Still regardless of the physics - would rather not have any of those rounds entering my body at whatever speed!!!