That's what every "expert" seems to say about .327 or .32 revolvers in general. I guess when the word Magnum is used, they immediately jump straight to thinking it's supposed to compete with .357 in all aspects. It's not solely .357 that .327 is competing with, it's .38 Special.
While I think .357 is a better choice in GP100 size revolvers and larger, the .327 has its place in snubbies and rifles. Until I see evidence that a .357 rifle is more accurate and has greater range over a flatter shooting, faster moving .327, I'll change my mind. In a revolver, until I see a mouse fart .38 with the same recoil as a .32 S&W Long and be as accurate and effective in stopping a threat, I'll change my mind.
IMO, the .327 doesn't replace .357, but it just about puts .38 snubs to rest.
I differ. The .327FM is nifty in its own way and I am happy to see it available. Different strokes & all.
However, the .327FM and other cartridges in the .32 revolver family (short, long, H&R)--while having a large useful range of application--do not rival .38 Special utility in any way with the exception of the lowest-possible recoiling cartridge. That being the commercial(1) 32Long 100gr target wadcutter vs commercial .38Spl 148gr target wadcutters.
MILD
.32Long 100gr wadcutter Vel@muzzle 730fps ; (Fiocchi)
.38spl 148gr wadcutter Vel@muzzle 730fps ; (Fiocchi)
Both will cut a caliber-diameter crush cavity. The usual metrics (KV, P, TKO, volume crush cavity in gel) favor 38spl. I have shot many .38spl tgt wadcutters out of snubbies and they are mild enough for even the meekest/weakest of women I have taught to shoot. I do imagine that a similar revolver (size/mass) in .327FM but loaded with .32Long wadcutters would be even less drama. Maybe the Ruger LCR in .32FM is the ticket, here. I do not like the L-O-N-G LCR trigger pull & reset, but it is lighter than the S&W J-frames can usually manage.
WILD
.32FM 100ge FMJ Vel@muzzle 1500fps ; KE@muzzle 500ftlb, KE@100yds 310ftlb ; P@muzzle 21.4lbft/s, P@100yds 16.9lbft/s ; TKO@muzzle 6, TKO@100yds 5 (Federal(2))
.38spl+P 158gr LSWC Vel@muzzle 1250fps ; KE@muzzle 539ftlb, KE@100yds 396ftlb ; P@muzzle 2802lbft/s, P@100yds 24.0 lbft/s ; TKO@muzzle 10, TKO@100yds 8 (BB, Underwood)
No contest, at muzzle or 100 yards for KE, P, or TKO.. And the hot .327FM sheds velocity faster than the hot .38spl.
The Outdoorsman load is very sporty coming from a .38spl snubbie. Not as sporty as the old Winchester 180gr JHP @ 1000fps MV I used to use and a bit more than my current 158gr LSWCHP @ 1000fps.
Carbine/rifle length barrels will increase MV and other metrics in a similar manner for both cartridges' hotter loads. Bullet drop at 100 yards favors .327FM, but loses that advantage a bit further on. Mass and retained KE & P matter more WRT trajectory the further out you go.
.357Magnum
No need to really even defend this one in carbine or revolver. More & better of everything relative to .327FM. It is not even close at the top end. They can start faster, with more mass than .327FM. And the longer .357 bullets can manage better Cd. The .327FM just is not "
flatter shooting, faster moving" than .357Mag from a carbine, when comparing top performing loads.
ADDENDUM
Just got finished looking through Buffalo Bore's offerings for hot .327FM. They are better than Federal's, but still do not match .38spl+P top end performance, let alone .357mag. I thought I would see better support for the cartridge from _Federal_, of all manufacturers. Develop a cartridge and sell guns that shoot it, but leave the customer with a mere _three_ commercial loads? .327FM shooters deserve better.
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(1) Both can be hand loaded with lighter wadcutters, but I don't recall them being commercially available. And I have not seen .32Short available commercially. I looked pretty hard when my FIL wanted something with less noise & blast than .327FM.
(2) Federal's hottest load. Federal's only self defense load is 85 grains at 1400fps with poorer metrics.