"Coward cause I ain't beatin' people to death with a shovel? Yeah well, we'll see who walks away from a fight if those are the weapons."

In the end, that's what mattered. Not what the other side thought, but the strength of your resolve to the principals you're following. Raylan's was to survive, to protect himself and any one else he could in what was arguably, a shitty situation. To protect them all from nutjobs like Alan here.

He doesn't smile in any kind of satisfaction. There is no joy in this, just righteous burning anger that was happy to bide his time when he needed to. He doesn't put his gun away either; there was no showing off in real life and he wasn't here to make a good impression.

"I feel like hopin' you're gonna give me a reason to put that theory to the test."