They keep touting this as a low recoil round for small guns. Well, when they say "low recoil", they are comparing it to .357 mag recoil. The self defense loads in .327 federal mag are going to recoil harder than 99% of the 38+P loads out there.
NRA's Rifleman magazine just had an article about the .327 federal mag & the SP101 3" chambered for it. I don't have it in front of me, but I believe the 115 grain Gold Dot load was clocked at 1300 FPS out of the Ruger.
That is pretty fast, and if you figure about 50 FPS loss of velocity for every inch of barrel, out of a 2" snub it will do about 1250 FPS. The Cor Bon DPX .38+P 110 grain load does about 975-1000 FPS out of a 2" barrel, and recoils fairly hard out of Airweight S&W J-frame. If you figure these bullet speeds, then the .327 mag results in 399 ft lbs of energy, and the 38+p is at 244 ft lbs. That is a big difference.
I think its a good option, but I feel the advertising is a bit misleading. I think it would be a good option for people if made in a J-frame, but don't think its going to recoil less than your 38+P rounds. But you can also shoot 32 HR mag as well, and that is great. Also, 32 long for practice.