Ain't the 4506-1 version still being made?

No. Most of the metal-framed S&W pistols from the 90s are out of production. If they weren't, my 4506-1 wouldn't be in such high demand.

I'm not much of a fan of the S&W 4506 series. It seems very generic to me.

What do you mean by "generic"? That seems like a vague criticism.

The 4506 is a good, reliable SA/DA .45 with a stainless frame. The problem I have with mine is just that I find it too tall, which is especially annoying because I can't reach the safety/decocker with my thumb so easily. It's also a bit muzzle-heavy. It's a good weapon for big guys (meaning, most cops), but not for someone of my stature.

I don't like the feel of the grip and the stainless steel finish of it.

The 4506 (and smith 3rd gens in general) are known to eat anything you feed them, and are very reliable guns built for duty. They were pretty much desighned with seld defense and duty carry in mind.

I think 4506s would do a pretty good job for a Military sidearm. The only problem would be how many bullets the thing has. It only has Eight bullets.

9 rounds of 45 acp is plenty. In the miltiary, a sidearm is a last ditch attempt weapon, basically its better than a pointy stick for helping you get to a new rifle. In law enforcement and self defense, if 9 doesn't do it, you're screwed anyway. I feel 1911s deliver good firepower for their prpose, and so do other single stack autos.

I read somewhere that the average amount of shots fired by a police officer in a gun fight is 3.

That's the average. They typically occurr within seven yards - or something like that. They are also very quick. Often an officer will only fire one or two. But ,of course, there are always the exception like North Hollywood where some individual officers expended dozens of rounds.