Lots of good accurate information above.
I have also looked around quite a bit at 3" guns. The 65 seems to be the only 3" 357 out their in any real quantity used. I believe they came in both round and square butt versions. Something you might want to find out, before buying one unseen. The 3" versions also tend to be a little on the hi side price wise. The Police/Guard Guns are a pig in a poke. I have seen them from as new to beat up bad. I have seen them that lock up on each chamber like new, and some that are very sloppy. The problem is, you cannot tell from the pictures which ones are loose. If a distributor like J&G or Gulf States had several, and you could get one hand picked, at a reasonable price. That would probably be the best bet price wise.
My next choice would be from an individule on GB.

What you are going to do with the gun makes a great deal of difference in what you might consider acceptable. As was said above, you can order a brand new 3" GP100 for a little over $500. It is going to be a little larger, and heavier than a K Frame Smith. It is also much more robust, and will stand up to a hi volume of 357 ammo.

For a house, range, or vehicle carried gun the additional weight and slightly larger size of a GP100 is no real issue. You will notice the difference on the belt though. The GP100 being more heavy duty, weighs more. This can be offset to some degree with good leather. I have Lobo Model 1 pancakes for my 3" 625 N Frame, as well as my 4" K frame Model 64. I do not notice the weight difference nearly as much in the pancake as I do in my old Bianchi #5 holsters. The 3" M65 Round Butt has a good seletion of grips available. This becomes more of an issue if you like nice wood grips. If you are happy with Hogue Rubber, the GP100/Super Redhawk "Tamer" grips will really soak up recoil.

My brother just got a new WC GP100 3". He was looking for a dual duty pistol. He will shoot in our club's Defensive Pistol Match with it using Safariland Comp III speedloaders. He also plans to carry it concealed to a lesser degree. He will also open carry it running around on the 4 wheelers, etc. My brother had another reason for looking at the Rugers. He is left handed, and he works the push button cylinder release easier on the Ruger doing a speed reload than he does the sliding version on a Smith & Wesson.

The GP100 3" has another thing in it's favor. A pinned on front sight. If you were wanting a Tritium Night Sight, or Fiber Optic front sight, the pinned on front sight is no big deal to change out. It is not as handy as the Quick Change sight system on a 4", 5" or 6" GP100's with adjustable sights. But much handier than the non-pinned on S&W revolvers to change to something else.

I have covered some options above. The 3" K Frame Round Butt Model 65 is very popular, and sought after for a combination of reasons: This combination is:
The 3" K Frame is very shootable. Points Great, enough barrel to shoot accurately, short enough barrel for concealed carry.
The 3" K Frame is reasonably light, but just heavy enough for 357 Magnums to be tolerable.
The 3" K Frame has a full length ejector stroke. A small detail of some importance during a combat reload.
The 3" K Frame action can be made to run like a Swiss Watch. I do not own any Swiss Watches, because I would rather own more Smith & Wesson revolvers.
The 3" K Frame carries very well in a quality holster. The size seems just right.
The 3" K Frame has a good selection of speedloaders, grips, holsters, ammunition carriers, etc available for it.

The GP100 3" has many of the same qualities as the M65, just slightly larger, and a little heavier to carry.

My 2 Cents

Bob

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