The hottest 327 Mag loads, the 100g AE and Speer Gold Dots are WAY beyond +P 38 Special level. In a 2" S&W 49, Remington's 158g LSWCHP +P 38 Special (the current "FBI Load equivalent?) showed 820fps and 236 lb/ft of energy. In a 2" Ruger LCR, Speer's 100g Gold Dot JHP showed 1259fps and 352 lb/ft of energy. (I did not chronograph the AE round with the LCR, but the AE and Gold Dot rounds were essentially identical out of a 4 3/4" Ruger Single Seven.) BTW, Froggie's description of a full house 327 load as a fire breathing ground stomper is absolutely correct. Shooting one without good hearing protection risks serious hearing damage. And I suspect letting one off indoors without hearing protection would guarantee at least some permanent damage.
You can exceed the energy of Remington's +P 38 Special with Buffalo Bore's 100g JHP round in 32 H&R Magnum - 1100fps and 269 lb/ft of energy out of a 2" S&W 432. Physics being what it is, it kicks as much as the +P 38 Special, but this has become my daily carry package. I get one extra shot, and have a LOT more fun shooting more "normal" 32 H&R rounds for practice.
BTW, I have both a 30-1 and 31-1 that have been reamed to take 32 H&R. Buffalo Bore has advised that their 100g +P round is safe for "unlimited use" in both of those guns. And both of those guns are a pleasure to shoot, even for up to a dozen or so of the BB hotties. But the LCR is NO fun to shoot with the hot 327 rounds. From my experience with it I have NO interest in a J frame in 327 Federal, and I'll get rid of the 327 LCR one of these days.