One of the "knocks" the .32 H&R Mag had was it didn't go far enough in improving the old .32 S&W, the improvement only served to bring the cartridge into the performane range where it served to create a great debate about whether or not it was equal to or surpassing the .38 Spl.
The .327 Federal balistically is what the .32 H&R Mag should have been in the first place... there is no disputing that the .327 Federal can/will hold it's own as a SD round.
Sadly though, the sales of guns chambered in this offering is of course, what will determine it's success, and judging by the reluctance/refusal of people to buy a new S&W only by virture of it having the internal lock and/or MIM parts... then the cartridge could very well be short lived if Ruger sales aren't lively.
The .32 H&R mag was once on the brink of obscurity if it wasn't for the Cowboy Action Shooting crowd becoming enamored with it... hopefully that will also be the case with the .327 Federal.
I would love to see it also offered in a Marlin lever action rifle or a T/C Contender.