I recall NIB 3.5" ones sitting in gun stores for long periods when they were new;
Gadzooks and eeho lay! Perfect is right.
Since you don't mention in what regards you are looking for "how much different", we could answer the obvious (1/2"), or we could answer based on value (as I tried above), or we could get into a discussion of ballistics - but that would likely be inconclusive at best, or we could just go with the emotional play and say "it just looks better, well balanced and mean", a purpose built professional and stout 6 gun that would get the job done if/when you needed it.
3 & 1/2" or 4"? The 3&1/2 looks sexier and brutal. The 4" ,not so much,but the difference is in the eye of the beholder. It's all looks.
ditrina sure has a passel of nice .357 Magnums, all lined up and organized.....
I'm almost embarrassed to show this old pic, makes it look like I dropped the bunch out of a box and they just landed the way they did......
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Now, to finish the question about the "perfect" gun, I'll just amend my opinion to the following:
The 3 1/2" M27 and pre-27's are all nearly perfect, no doubt, but for perfection you need one of these:
A bit older, oddly shaped hammer, different front sight, same barrel length, same manufacturerPerfection
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P.S. ditrina, nice pic of some lovely Smiths.... color me envious....