The 327 is the latest attempt to magnumize the 32 caliber bore size. Essentially you can go from the old 32S&W (sometimes called 32 short) to the 32 S&W Long, the 32 H&R magnum and finally the 327. The 327 has good energy figures and is fairly controllable.
I have at times carried a 32 Long, accurate and light weight and I wouldn't have a problem with the 327 either except that it hasn't really caught on saleswise and ammo can be very hard to find. I have owned a Ruger Single Six in H&R Mag and honestly fired far more 32 Longs in it than the more expensive and harder to find magnum loads.