I set mine at 25-feet.  Ballistically, the round is on it's way up in its parabolic arc so you're essentially shooting point blank.  If you want to try to hit stuff at 50-yards, your round is likely to hit high.  Since "most" firefights are at fairly close range (inside 7-yards/25-feet and a fair number of them are within 7-feet - 12-feet) as long as you get it within the 9-inch pie-plate you should get 'er done. 

Dontcha just love Santa? 

Is this your first CT?  I found it did wonders for my trigger control when dry-firing, especially on double-action.  I was able to teach myself to stay on target and to use my hand differently, including my non-strong-side.  It ended up doing a lot of good when I hit the range, too.  My 9-inch pieplate shrunk down to under 3-inches. 

I'm kinda hoping the birthday bunny will bring me one for my .45. 

Big M:
Although they are set for 50' from the Co. I set mine also for 25'..........Man every time I shoot this pistol I love these grips more and more....Mine are the 401 Pros and I can't stop liking these on this Combat Commander......Sweet.

OPINION:  The difference between 25-ft and 40-ft is just 15-ft.  Following the path of a fired bullet over 15-ft is going to show a deflection (upwards) of just small fractions of an inch.  (I guess I could work it out arithmetically with a ballistics table for a given round).  If you are not able to take sufficient time to shoot off the third shirt button but can only take the time to put the little red dot on the chest, then it shouldn't make any difference whether you get the button or right above it.

I suppose if you are more comfortable with 40-ft, you could set it up like that.  You can always change it later, if it proves out on targets at the range that you're not getting exactly what you want. 

(Bear in mind that I'm shooting a "belly gun" -- a J-framed Rossi using Golden Saber .38 SPL P+.  I'm not, generally speaking, concerned with shooting much over 25-ft, anyway.) 

The the beauty of going to the range -- you get to play with your new toy (as Her Majesty says). 

Does all this make sense? 

I feel any shots taken beyond a certain distance say....20' may be hard to prove as self defense unless it is some type of shoot out.

With good duty type ammo.; the differance in POI (point of impact) at 25 ft versus 40 ft is going to be very negligible. If you are closer, POI will be a little low; if you are further back, say to 50 ft; POI will probably be little high.

It is hard to say exactly...it will vary by gun and by ammo. "Light reloads" will be affected more by distance.

In a self defense; shoot center mass situation; I am bringing the gun up to my eyes and pointing and shooting, not thinking about sights,  out to at least 10 -12 yards, (30 - 36 ft) and I am moving.

Xxxplosive...let me know how that CT laser works for you. I have tried them; but don't have any on my pistols yet. I lke the Ct grip style rather then the big bulky types.

Xxplosive....thnks for info.  I have never even priced them yet. Define costly.
Like you describe; my eyes aren't what they use to be. Progressive tri-focals. etc.. Focusing on something up close is an issue...plus low light problems. My vision at a distance is still great.

I understand the arguments about "looking for the dot" on the target wasting time. However, looking for the front sight for aimed shots is also an issue for me know. I think I could find / see the dot better. 

All of the Crimson Trace lasers I have were set at 25 yrds. None of them, 5 or 6 sets have required any adjustment. They have been just fine right out of the box. My next set will be for one of my 1911's. They make an excellent product, as well as standing behind anything they sell.