New Ruger .327 Models
So now, a couple of years later, Ruger is re-introducing revolvers in .327 Fed Mag! There are three models of the seven shot .327 Fed Mag Single-Six (some sources call it the "Single-Seven"). Model numbers are 8160, 8161, and 8162, with barrels lengths of 4.63, 5.5, and 7.5 inches, respectively. They should be out by September 2014, and are already in the Ruger catalog.
The longer barrels should get the best out of the .327 cartridge -- greater velocity from the length and better accuracy from the longer sight radius.
At 34, 36, and 43 ounces (for the 4.63, 5.5, and 7.5 inch barrels, respectively) they will have a more recoil dampening than the 29 ounce SP101 in .327 Fed Mag.
For those who experience .327 Fed Mag ammo as "hard to find," it is still out there for sale on the web -- and I still see it in some of the bigger gun stores. It is a great round to reload, and significant cost savings can be had reloading. Starline makes very good brass for it -- they currently do not have it in stock but presumably will make a run this fall (you can register for notification of when they next make it). I bought 500 Starline shells a few years ago, and that plus the cases from some store-bought ammo are enough for a long time -- but I may order another 500 just in case. Hornaday, Sierra, and Speer (and probably others) make JHP rounds in weights running from, I recall, 85 - 100 grains.
The debate on the utility of the .327 will rage on, but a lot of people have found it to be an enjoyable round to shoot, whether for plinking, range work, or varmints. I have a GP-100 (4" barrel) in .327 Fed Mag and it is one of the most accurate guns I have. The GP-100 has a lot less recoil than the SP101 in .327 Fed Mag (and I suspect so in the .357 variant as well, although I have never shot one).