The S&W 327 is an 8-shot .357 magnum snub-nose the height of a 1911; but it only weighs 21 OZs (less than a Glock 26) due the the use of aluminum in the frame.
While this thing still has a strong defencive application, it's innovative enough to be New York legal.
I'm intrigued -- what do you know about high-cap wheelguns? What about the rimfire ones too?
So after owning a 627 8-shot PC V-Comp (w/5" barrel), I purchased a 627 8-shot PC with 2 5/8" barrel. But both are stainless, not Scandium (which is Al with just a 'dash' of scandium in it for strength) which makes it a lot heavier.
I'm really not sure I'd want to handle the Scandium model very much. At least not with magnum cartridges in it. And given the NY thing, I'm pretty sure you are not planning on carrying it on your belt. So if you want something small you might want to go with the 2 5/8" full weight model. You should also know that the N-Frame 8 round revolvers are bulky, no matter how short the barrel. So it's not something you could easily carry, certainly not IWB even if you were not in NY.
Another way to look at it is if you only have one .357 mag, then you need something heavier for practice at the range. If you already have a 4" or 6" or something similar in .357/.38S , then the 327 lightweight might be interesting. But for my size and strength, it would only be useful in an emergency such as out on the trails or other personal defense situations after having trained with a heavier one. You're not going to be practicing with it.
And yes, it all gets a bit gentler with .38 Special rounds. But that's true for the 627 short barrel as well as the Scandium.
All that said, the S&W 327 (especially the PC (Performance Center) models are outstanding guns. Great feel, weight and balance, triggers and reliability. They will last many lifetimes and provide a lot of pleasure for its owners. I couldn't recommend one more strongly. In fact, I've been considering the purchase of a 629 short barrel (also 2 5/8") PC in .44mag. I have a 629 .44mag PC V-Comp and it would be a nice compliment to it. But it might be almost as suicidal as the Scandium you're considering.
And on the 'high cap' comment, I disagree with some of the responses. Although I do agree that it is a mistake to call 30-round AR mags 'high cap' (since they are the standard mag for the rifle) an 8-round .38/357 can be considered a 'high cap'. They are a relatively new invention, are not common and are not built by many manufacturers.
B