Both are good guns. I like the 327FM as a small field cartridge, as opposed to a SD offering, but that's just me. At this point, I'd rather use a 357Mag due to the wealth of data on the various loads available, and the availability of good, proven SD rounds. Give the 327FM a few years and let's get some good empirical data on it, and I might change my tune.
The Ruger is a tad bigger, and noticably heavier. I also don't like the crappy 'adjustable' rear sight they out on a bunch of those 327 SP101s. I own a 357 SP101 and love the heck outta it. I have it as a field gun, and don't necessarily use it for CCW, but it works well.
The 632 is a S&W J-frame. If you've seen one, you've seen them all. Little smaller, lighter, and probably easier to CCW than the Ruger.
Either would be a good choice IMHO, and that 327FM is a cool little round. Accurate, mild recoil (38SPL range), a little loud out of a short bbl like that. It's one of my favorite new cartridges to come out.