Trying to find something to say that grabs some points from the MEGA-thread, without getting in to the same arguments that .327 Federal always brings up -- all the while dropping some thoughts for someone who has never heard of the round.
What you've got is a .32 cal handgun round...and in the grand tradition of handgun rounds, they took what was already out there and made it longer -- made it hotter -- made it louder -- and made it meaner.
The .32 S&W, the .32 S&W Long, the .32 H&R Magnum...all are ".32 cal" handguns. (actually, the bullet diameter is .312", but these "misnomers" are common in guns.) The .327 Federal Magnum isn't a ".327", it's also a .312" -- or as we call it, a hot-loaded .32.
Factory ammo is offered in 85, 100 and 115 grain bullet weights. A factory ammo was from Federal/American Eagle/Speer until Buffalo Bore recently offered two different rounds. They upped the ante on bullet weight, bringing out a 130-grain hard cast lead bullet.
The .327 Federal run a VERY high pressure for a handgun round at 45,000 PSI. For reference:
.38 Special runs 17,000 PSI
.45 Auto runs 21,000 PSI
9mm and .40 S&W run 35,000 PSI
What's interesting is that the .32 H&R Magnum really never had any business being named a "magnum" in keeping with other handgun cartridges. At best, it was a "Special" and the gap between the .32 H&R Mag and the .327 Federal Mag is canyon-like.
One thing that we've come to know is that it takes some barrel length to make this cartridge work. While every round benefits from a longer barrel, testing has shown that going under 3-inches in barrel length for the .327 Federal really neuters it's performance. It's my personal opinion that if you buy or own one of these snubby .327's, you haven't experienced the the .327 Federal properly at all.
In a proper barrel, expect velocities beyond 1,400 FPS with a 100-grain bullet. With the light 85-grain slug, higher.
As for launch platforms -- not as many as we'd like to see. Ruger is the flagship and they make three different revolvers that chamber it. Others have dabbled in it.