It's day is over. Federal killed it by not releasing brass to the handloader market in a timely fashion. Anybody who wants one of these will more likely than not be a handloader simply because of ammo expense and the nature of the 'odd' caliber.
Sure you can shoot H&R Mag or 32 S&W Longs in it, but if you want the real performance of the round you need to load it.
The fans of the 327 keep trying to compare it to the 357 Magnum. Look, it has as much or MORE muzzle energy than a 357! OKAY...let's compare.
How about Speer Gold Dot short-barrel:
(data from the Speer web site)
327 Fed Mag 4"
100-gr 1500 fps, M/E 500 ft/lbs
115-gr 1380 fps, M/E 486 ft/lbs
357 Magnum 4"
125-gr 1450 fps, M/E 584 ft/lbs
158-gr 1235 fps, M/E 535 ft/lbs
Hmmm... that doesn't look too promising. Where's the performance to equal or exceed a 357???
Oh wait. There's this max-charge 327 Federal Magnum load that keeps getting talked about:
100 gr, 1880 fps M/E 780 ft/lbs
But they don't say that's from a 5.5" Blackhawk!
Run it through a 3.5" barrel, same load, and you get:
100 gr, 1400 fps M/E 435 ft/lbs
Umm.... oh. Not so great. And let me say this from firsthand experience- touch off those barn-burner 327 loads, and you darn-sure know you did it! They throw a fireball and a booming report like a rifle.
And in the 357, I can use slugs all the way up to 200 grain if I want. Or load it down to powderpuff with full wadcutters.
Look, I *like* the 32 S&W Long. It can be loaded from gallery up to over intended design limits, and it's fun.
You can do the same thing with the 38 Special and 357 Mag, too. And for less cost. And easier ammo to find. And you can load it as hard or soft as you want.
I'm not saying don't buy a 327. Hey, knock your socks off. I like shooting some weird stuff simply because I can. But don't try to say the 327 is somehow the answer to this question that nobody but gun magazine writers ever asked. In a rifle it would be quite nice. Like a 30-carbine, but rimmed.
I predict the 327 will go the way of the 32 H&R Mag. Limited ammo available, expensive if you find it.
I don't even think it will be as common as the (somewhat uncommom) 10mm or 44 Special.
If you like the idea, go get one, before they all go away and wind up as overpriced 'collectibles' or something. Have fun, that's what this hobby is about.