Dan Burwell has it right. Light in photos has a lot, maybe everything, to do with perfectly matched serrations looking different in photos. This is especially true of Colt/GI style serrations. It is tough to really judge without holding the specimen in your hand.
Can they be matched perfectly? YES, and I believe any of the LTW smiths, and other competent ones, are more than capable.
There is nothing special about how the factory does it....it's not like they're EDM'd, broached, or deep hole through coolant gun drilled....the laws of physics and machining are not suspended over Hartford, CT.

Spacing, angle, depth of cut, and cutter type, along with proper speeds/feeds and setup/workholding, are the key. Often, the serrations we cut have a surface finish that is much better than factory, which can also contribute to them looking "different".
Are they always matched perfectly in the larger gunsmithing industry? Absolutely not. This depends on the competency and sometimes the equipment of the smith in question. So it is quite possible you have examined examples in which the serrations were truly different. Additionally, some smiths are using a cutter that does not properly match Colt specs, past or present. I've seen many interpretations come through the shop.
But worse than a slight difference in angle or spacing, to me the worst cocking serration boo boo is when the last serration towards the muzzle end is wider on one side than the other, indicating a lack of precision in set up. (Or perhaps I should say a lack of indicating

)
I hope this sheds some light and puts this to bed......
