The .327 Federal Magnum is one of the newest cartridges, created by Ruger. Unlike many of the cartridges purely created for commercial hype sales, this one actually has a few things going for it since the idea of hot rodding what is basically a 32. H&R Mangum with a longer case has been around for a long time. It started with the old .32 S&W, then .32 S&W Long, then .32 H&R Magnum and the .327 Federal Magnum is the last one in line of .32s that added a few mm of case during each stage of evolution. You can fire all the previously mentioned calibers in a .327 Federal Magnum revolver, since its basically the same thing but with shorter cases.
Ruger SP101.327 Magnum
Power? While not quite a real 357 Magnum, it is considered a bit more powerful than a 38 Special +P or 9mm, so we’re talking about some nice stopping power. The interesting thing for me is that it delivers good stopping power, and does so with half the recoil of a 357 Magnum, in a small frame revolver. This also means that you get one more round in small frames, 6 shots vs. 5 shots of 38 special which is also less powerful per shot.
Smith & Wesson 632 .327 Magnum
This revolver fills the niche for either young adults or other people that are sensitive to recoil or that lack the training to use an auto under stress and would benefit from the mechanical simplicity of a revolver.
Many of us have wives that hardly visit the range a couple times a year. For them the 327 Federal Magnum revolver is an interesting alternative.