Haven't shot it, but would buy a revolver in .327 if the ammo wasn't so darned expensive! The statistics on the round are very impressive. The extra round you typically squeeze into a revolver is nice (6 shot on a Ruger SP101 for instance instead of 5 with the .38 sp or .357 magnum).
Currently, I have a hard time justifying buying a .327 with the .357 being in the same ballpark price-wise & the .357 putting more lead on target. But, that's just my opinion.
I like the IDEA of the .327 Fed Mag... I don't know that I'd like the practicality of it.
However, you can shoot 4 different cartridges through one of those revolvers, so that's a plus if you can't find any of the big stuff. Not that any of the others are that much less expensive... (.32 HR Mag, .32 S&W Long, and the .32 S&W)
I bought the Taurus .327 fedmag when it first came out.
Really, Federal ammunition for it is not that much more that .357mag, although your choices of bullet weight and type may be diminished.
Shoots .32H&R Mag, .32S&W long, and .32S&W just fine. Recoil is reasonable, although I don't feel much reduction in recoil over the .357 full loads.
I really like mine, but then I like all of my "toys".
My fiance carries one in an SP101 format. She bravely tried mine in .357 and, well, that didn't work out.... I can feel a slight recoil reduction with Hogue grips.