Rather interesting. If you look closely at the images you will note a sliding bar attached to the hammer and captured in the top strap. The bar indexes the cylinder, using the diagonal cuts on the cylinder, as the hammer is cocked. Also note the “creeping gear” loading lever.
Colt expert, R.L. Wilson once wrote “First of the Sidehammers, with grooved cylinder surface, proved impractical.”
The end of the experimental work resulted it the M-1955 as we know it.